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ANNUAL INFORMATION FORM

For the year ended December 31, 2018

Dated as of March 11, 2019



1

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FORWARD LOOKING STATEMENTS

This Annual Information Form contains forward looking
statements within the meaning of Canadian securities legislation. Such
forward-looking statements concern the Companys anticipated results and
developments in its operations, planned exploration of its properties, plans
related to its business and other matters that may occur in the future and
include, without limitation, statements with respect to: the Companys outlook,
the strategic plans, timing and expectations for the Companys exploration and
drilling programs at the Las Chispas Property, including construction of the
Area 51 decline, metallurgical testing, mineralization estimates and grades for
drill intercepts, permitting for various operations, optimizing and updating the
Companys resource model, timing of a preliminary economic assessment;
information with respect to high grade areas and size of veins projected from
sampling and drilling results; accessibility of properties, future mining
prospects at the Las Chispas Property; and the Companys ability to raise funds,
and manage capital resources and meet working capital requirements.

Such forward looking statements or information are based on a
number of assumptions, which may prove to be incorrect. Assumptions have been
made regarding, among other things: the reliability of mineralization estimates;
the conditions in general economic and financial markets; precious metals
prices; availability of funds; ability to develop and finance projects;
availability of skilled labour; timing and amount of expenditures related to
exploration and drilling programs; and effects of regulation by governmental
agencies.

Forward looking statements are subject to a variety of known
and unknown risks, uncertainties and other factors which could cause actual
events or results to differ from those expressed or implied by the forward
looking statements, including, without limitation: the timing and content of
work programs; results of exploration activities; the interpretation of drilling
results and other geological data; receipt, maintenance and security of permits
and mineral property titles; environmental and other regulatory risks; project
cost overruns or unanticipated costs and expenses; precious metals price
fluctuations; fluctuations in the foreign exchange rate (particularly the
Mexican peso, Canadian dollar and United States dollar); uncertainty in the
Companys ability to fund the exploration and development of its mineral
properties or the completion of further exploration programs; uncertainty as to
whether the Companys exploration programs will result in the discovery,
development or production of commercially viable ore bodies or yield reserves;
risks related to mineral properties being subject to prior unregistered
agreements, transfers, claims and other defects in title; challenges to title by
other mining companies; uncertainty in the ability to obtain financing if
required; dependence on key personnel; and general market and industry
conditions.

Forward looking statements are based on the expectations and
opinions of the Companys management on the date the statements are made. The
assumptions used in the preparation of such statements, although considered
reasonable at the time of preparation, may prove to be imprecise and, as such,
readers are cautioned not to place undue reliance on these forward looking
statements, which speak only as of the date the statements were made. The
Company undertakes no obligation to update or revise any forward looking
statements included in this Annual Information Form if these beliefs, estimates
and opinions or other circumstances should change, except as otherwise required
by applicable law.

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TABLE OF CONTENTS

|1.  | GENERAL                                                                                     | 4                                                               
|--- | ------------------------------------------------------------------------------------------- | ----------------------------------------------------------------
|    | 1.1                                                                                         | Date of Information                                             
|    | 1.2                                                                                         | Conversion Table                                                
|    | 1.3                                                                                         | Technical
      Abbreviations                                   
|    | 1.4                                                                                         | Currency                                                        
|    | 1.5                                                                                         | Qualified Persons                                               
|    |                                                                                             |                                                                 
|2.  | CORPORATE STRUCTURE                                                                         | 5                                                               
|    | 2.1                                                                                         | Name,
      Address and Incorporation                           
|    | 2.2                                                                                         | Intercorporate
      Relationship                               
|    |                                                                                             |                                                                 
|3.  | GENERAL DEVELOPMENT OF THE
    BUSINESS                                                     | 5                                                               
|    | 3.1                                                                                         | Overview                                                        
|    | 3.2                                                                                         | Three Year History                                              
|    | 3.3                                                                                         | Significant Acquisitions                                        
|    |                                                                                             |                                                                 
|4.  | DESCRIPTION OF BUSINESS                                                                     | 9                                                               
|    | 4.1                                                                                         | General                                                         
|    | 4.2                                                                                         | Risk
      Factors                                              
|    | 4.3                                                                                         | Mineral Projects                                                
|    |                                                                                             |                                                                 
|5.  | DIVIDENDS                                                                                   | 31                                                              
|    | 5.1                                                                                         | Dividends                                                       
|    |                                                                                             |                                                                 
|6.  | CAPITAL
    STRUCTURE                                                                       | 31                                                              
|    | 6.1                                                                                         | General Description
      of Capital Structure                  
|    |                                                                                             |                                                                 
|7.  | MARKET FOR SECURITIES                                                                       | 32                                                              
|    | 7.1                                                                                         | Trading Price and Volume                                        
|    |                                                                                             |                                                                 
|8.  | ESCROWED
      SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON
    TRANSFER | 32                                                              
|    | 8.1                                                                                         | Escrowed Securities                                             
|    |                                                                                             |                                                                 
|9.  | DIRECTORS AND
    OFFICERS                                                                  | 33                                                              
|    | 9.1                                                                                         | Name,
      Occupation and Security Holding                     
|    | 9.2                                                                                         | Cease Trade Orders,
      Bankruptcies, Penalties or Sanctions  
|    | 9.3                                                                                         | Conflicts of Interest                                           
|    |                                                                                             |                                                                 
|10. | LEGAL
    PROCEEDINGS AND REGULATORY ACTIONS                                                | 36                                                              
|    | 10.1                                                                                        | Legal Proceedings                                               
|    | 10.2                                                                                        | Regulatory Actions                                              
|    |                                                                                             |                                                                 
|11. | INTEREST
    OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS                              | 38                                                              
|    | 11.1                                                                                        | Interest of
      Management and Others in Material Transactions
|    |                                                                                             |                                                                 
|12. | TRANSFER AGENT AND
    REGISTRARS                                                           | 39                                                              
|    | 12.1                                                                                        | Transfer Agent and Registrars                                   
|    |                                                                                             |                                                                 
|13. | MATERIAL
    CONTRACTS                                                                      | 39                                                              
|    | 13.1                                                                                        | Material Contracts                                              
|    |                                                                                             |                                                                 
|14. | INTERESTS OF EXPERTS                                                                        | 39                                                              
|    | 14.1                                                                                        | Names
      of Experts                                          
|    | 14.2                                                                                        | Interests of Experts                                            
|    |                                                                                             |                                                                 
|15. | ADDITIONAL
    INFORMATION                                                                  | 39                                                              

3

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|1. | GENERAL
|-- | -------

|1.1 | Date of Information                                                                                                                                                                                       
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                           
|    | All information in this Annual Information Form is as of
      March 11, 2019, unless otherwise indicated, and the information contained
      herein is current as of such date, unless otherwise stated.
|    |                                                                                                                                                                                                           
|1.2 | Conversion Table                                                                                                                                                                                          
|    |                                                                                                                                                                                                           
|    | All data and information is presented in metric units. In
      this Annual Information Form, the following conversion factors were
      used:                                                           

2.47 acres
    =
    1 hectare
    0.4047 hectares
    =
    1 acre3.28 feet
    =
    1 metre
    0.3048 metres
    =
    1 foot0.62 miles
    =
    1 kilometre
    1.609 kilometres
    =
    1 mile0.032 ounces (troy)
    =
    1 gram
    31.103 grams
    =
    1 ounce (troy)1.102 tons (short)
    =
    1 tonne
    0.907 tonnes
    =
    1 ton0.029 ounces/ton
    =
    1 gram/tonne
    34.286 grams/tonne
    =
    1 ounce/ton1 ppm
    =
    1 gram/tonne1 ounce/ton
    =
    34.286 ppm1%
    =
    10,000 ppm


|1.3 | Technical
Abbreviations
|--- | -----------------------

| | Ag         | silver            | Mo        | molybdenum                                                                   
| | ---------- | ----------------- | --------- | -----------------------------------------------------------------------------
| | Ag Eq.     | silver equivalent | NI 43-101 | National Instrument 43-101 Standards of
      Disclosure for Mineral Projects
| | Au         | gold              | NSR       | net smelter returns                                                          
| | Au Eq.     | gold equivalent   | opt       | ounces per ton                                                               
| | aver.      | average           | oz        | ounce(s)                                                                     
| | cm         | centimetres       | Pb        | lead                                                                         
| | Cu         | copper            | RC        | reverse circulation                                                          
| | g          | grams             | t         | tonne                                                                        
| | gpt or g/t | grams per tonne   | tpd       | tonnes per day                                                               
| | ha         | hectares          | tr        | trench                                                                       
| | km         | kilometres        | W         | tungsten                                                                     
| | m          | metres            |           |                                                                              

|1.4 | Currency                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | All dollar ($) amounts stated in this Annual Information
      Form refer to Canadian dollars ($ or Cdn.$) unless United States dollars
      (U.S.$) are indicated. On March 11, 2019, the noon exchange rate for the
      United States dollar in terms of Canadian dollars, as quoted by the Bank
      of Canada, was U.S.$1.00 = Cdn.$1.3414 (Cdn.$1.00 = U.S.$0.755. On
      December 31, 2018, the noon exchange rate for the United States dollar in
      terms of Canadian dollars, as quoted by the Bank of Canada, was U.S.$1.00
      = Cdn.$1.3642 (Cdn.$1.00 = U.S.$0.7330).               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|1.5 | Qualified Persons                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    | N. Eric Fier, CPG, P. Eng, is a qualified person within
      the meaning of NI 43-101, and has reviewed and approved the scientific and
      technical information relating to the Company's mineral properties
      disclosed in this Annual Information Form. Mr. Fier is the Chief Executive
      Officer and a director of SilverCrest Metals. Other qualified persons are
      responsible for the technical and scientific information contained in the
      technical reports incorporated by reference in this Annual Information
      Form. See Interests of Experts  Names of
Experts.

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|2.  | CORPORATE STRUCTURE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|2.1 | Name, Address and Incorporation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | SilverCrest Metals Inc. (SilverCrest Metals or
      the Company) was incorporated under the name 1040669 B.C. Ltd.
      under the Business Corporations Act (British Columbia) (BCBCA) on
      June 23, 2015. The Notice of Articles of the Company was subsequently
      amended on August 11, 2015, to change the name of the Company to
      SilverCrest Metals Inc.. Upon the Companys incorporation on June 23,
      2015, the Company was a wholly owned subsidiary of SilverCrest Mines Inc.
      (SilverCrest Mines). The Company was established as part of an
      arrangement (the Arrangement) completed under the BCBCA on
      October 1, 2015, pursuant to which First Majestic Silver Corp. (First
      Majestic) acquired SilverCrest Mines after the Company was spun off
      from SilverCrest Mines to the former shareholders of SilverCrest Mines.
      The Arrangement resulted in the Company holding title to various
      exploration properties located in Mexico that were formerly held by
      SilverCrest Mines. The common shares of the Company (the Common
      Shares) commenced trading on the TSX Venture Exchange
      (TSX-V) at opening on October 9, 2015 and were listed on the NYSE
      American (NYSE) on August 21, 2018.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | At the time of the Arrangement, the Company considered
      Cruz de Mayo to be its material property and had five other properties in
      Mexico: Las Chispas, Huasabas, Guadalupe, Angel de Plata and Estacion
      Llano.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | The head office of the Company is located at Suite 501,
      570 Granville Street, Vancouver, British Columbia, V6C 3P1. The registered
      office of the Company is located at 19th Floor, 885 West Georgia Street,
      Vancouver, British Columbia, V6C 3H4.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|2.2 | Intercorporate Relationship                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | Minera La Llamarada, S.A. de C.V., a Mexico corporation
      (La Llamarada), Babicanora Agricola del Noroeste, S.A. de C.V., a
      Mexico corporation, and NorCrest Metals Inc., a British Columbia company,
      are legally or beneficially wholly-owned subsidiaries of the
    Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

|3.  | GENERAL DEVELOPMENT OF THE
  BUSINESS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|3.1 | Overview                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | SilverCrest Metals is a Canadian precious metals
      exploration company headquartered in Vancouver, BC, that is focused on
      making new discoveries and value-added acquisitions, and targeting
      production in Mexicos historic precious metal districts. The Companys
      ongoing initiative is to increase its asset base by acquiring and
      developing substantial precious metal resources, and ultimately operating
      high grade silver and/or gold mines in Mexico. The Companys principal
      focus is currently its Las Chispas property (Las Chispas), which
      is located approximately 180 kilometres northeast of Hermosillo, Sonora,
      Mexico. Las Chispas is in a prolific mining area with nearby precious
      metal producers, and consists of 28 concessions totalling approximately
      1,401 hectares.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | The Company has a portfolio of five other mineral
      exploration properties, which are comprised of the Cruz de Mayo Property
      (Sonora, Mexico), Huasabas Property (Sonora, Mexico) (currently under
      cancellation process), Guadalupe Property (Durango, Mexico) (currently
      optioned to a third party), Angel de Plata Property (Sonora, Mexico) and
      Estacion Llano Property (Sonora, Mexico).                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | The Companys Common Shares are currently traded on the
      TSX-V under the symbol SIL and on the NYSE under the symbol
    SILV.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|3.2 | Three Year History                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | 2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | Las Chispas                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | In early 2016, the Company completed initial general
      exploration activities on Las Chispas, including mapping, sampling and
      geochemical analysis. As a result of the initial work, the Company began
      its Phase I exploration program in late March 2016, which
included the rehabilitation of several historic silver-gold mines at Las Chispas
covering 11.5 kilometres, and a surface drilling program of approximately 3,000
metres.                                                                                                                                                                                                                                                                                                                                                                                                        

5

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On June 9, 2016, the Company announced
the extension of its surface drilling program from 3,000 metres to 5,000 metres.
By June 9, 2016, 15 holes had been completed for a total of approximately 3,700
metres. All holes had intersected quartz stockwork and veining.

On August 18, 2016, the Company
announced the completion of its Phase I surface drilling program, with the
Company having drilled 22 core holes for a total of approximately 6,400 metres.
A combined 19 holes were drilled in Las Chispas and William Tell veins, and 3
holes were drilled in the La Victoria area near the Babicanora vein.

On October 31, 2016, the Company
completed a technical report titled Technical Report on the Las Chispas
Property, Sonora, Mexico.

By November 2016, the Company had
accessed approximately 7 kilometres of underground working in connection with
its underground rehabilitation. As the Company opened and explored the
underground workings, it collected samples at intervals of 2 to 3 metres along
strike length of veins. The Company also received an underground drilling permit
for Las Chispas, including the permission to mine a 100,000-tonne bulk sample
for testing and processing off-site. With these permits in place, the Company
commenced its Phase II exploration program in November 2016.

Huasabas Property

In 2016, the Company completed its
drill project at its 100% owned Huasabas property located in Sonora, Mexico.
Approximately 1,091 metres of drilling was completed in five (5) core holes.

Bought Deal Prospectus Offering

To finance Phase II exploration,
SilverCrest Metals completed a prospectus offering (the 2016 Prospectus
Offering) of 5,232,500 units of the Company at a price of $2.20 per unit
for gross proceeds of $11,511,500 in December 2016. Each unit consisted of one
common share of SilverCrest Metals and one half of one common share purchase
warrant. Each whole warrant entitled the holder to acquire one common share of
SilverCrest Metals at an exercise price of $3.00 per share until December 6,
2018. The warrants were listed and posted for trading on the TSX-V on December
9, 2016, under the trading symbol SIL.WT. In connection with the offering, the
Company paid the underwriters a 6% cash commission.

2017

Las Chispas

During 2017, the Company continued
Phase II exploration at Las Chispas.

By January 18, 2017, the Company had
drilled 12 holes for a total of 2,400 metres in the Phase II program. Surface
drilling at the northern extension of the Las Chispas and William Tell veins
continued for resource estimation. Underground drilling of three holes at the
Babicanora Vein had also been completed. All holes intercepted quartz stockwork,
quartz veining and shear zone.

On March 2, 2017, the Company announced
that approximately 50% of the Las Chispas Phase II exploration program had been
completed, with 20 holes drilled totalling about 4,500 metres. Fourteen holes
were drilled in the Las Chispas and William Tell veins, and six holes were
drilled in the Babicanora Vein.

On April 17, 2017, La Llamarada
purchased a 2,500 hectare ranch which covers approximately 40% of the surface
rights over the Las Chispas mining concessions.

6

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On May 11, 2017, the Company announced
the completion of approximately 85% of the Las Chispas Phase II exploration
program, with 38 core holes having been drilled totalling about 8,500 metres.
Twenty-four holes were drilled in the Las Chispas and William Tell vein, twelve
holes were drilled in the Babicanora Vein and one hole was drilled in each of
Espiritu Santo and Varela veins.

In June 2017, the Company expanded its
Phase II exploration program from its initial program of an 8,000 to 10,000
metre underground and surface core drill program. By June 22, 2017, the Company
had drilled 14,205 metres at the Las Chispas and Babicanora areas, with plans to
drill an additional 3,500 metres in Phase II by the end of July 2017.

In August 2017, the Phase II
exploration program was again expanded for a total of 23,000 to 25,000 metres.
The Company had completed its surface drilling in the Las Chispas area, but
continued surface drilling in the Babicanora area. In addition to core drilling,
the Phase II exploration program at Las Chispas included continuing underground
rehabilitation, underground channel sampling, expanded surface mapping and
sampling in the district, initial metallurgical work and auger drilling to
determine accurate volumetrics and grade of historic dumps.

On October 26, 2017, the Company
announced that the Phase II exploration program had been expanded to
approximately 29,000 metres, of which 25,000 metres had already been drilled.
When combined with the Companys Phase I exploration program of 6,500 metres in
2016, the Company had drilled a total of approximately 35,000 metres in 141
holes covering a cumulative vein strike length of approximately 2.5 kilometres
out of an estimated 12 kilometres. All of the holes drilled intercepted
epithermal quartz veining, stockwork veinlets and/or breccia.

During 2017, the Company drilled a
total of 32,822 metres in 125 drill holes for a total of 41,418 metres in 157
drill holes since inception at the Las Chispas Property. The Company incurred a
total of $9.8 million in exploration expenditures during 2017, for a total of
$12.9 million since inception at the Las Chispas Property.

Cruz de Mayo Property

In December 2017, SilverCrest Metals
terminated an assignment agreement by which it had an option to purchase a 100%
interest in the El Gueriguito concession located on the Cruz de Mayo property.
As a result, the Company recorded an impairment expense of $76,387 for
previously capitalized costs relating to this concession as of December 31,
2017. The assignment agreement was subsequently reinstated in 2018.

Bought Deal Private Placement

On December 19, 2017, the Company
completed a private placement (the 2017 Private Placement) of 9,572,810
units at a price of $1.05 per unit for gross proceeds of $10,051,450. Each unit
consisted of one common share and one half of one common share purchase warrant.
Each whole warrant entitled the holder to purchase one common share of the
Company at a price of $1.45 per share until December 19, 2019. In connection
with the offering, the Company paid the underwriters a cash commission of
$568,282. Proceeds from the offering were used for the preparation of
SilverCrest Metals initial mineral resource estimate, to further finance
exploration activities at Las Chispas and general working capital.

2018

Las Chispas

SilverCrest Metals completed its Phase
II exploration program in February 2018 and announced the results of its
exploration program in an initial resource estimate for Las Chispas. The Company
filed an independent NI 43-101 technical report disclosing the Las Chispas
resource estimate titled Technical Report and Mineral Resource Estimate for the
Las Chispas Property, Sonora, Mexico, effective February 12, 2018. The resource
estimate was focused on an estimated 3.5 kilometres of approximately 12
kilometres of then estimated cumulative vein strike length in the district. Upon
completion on its Phase II exploration program in February 2018, the Company
commenced a Phase III exploration program, initially estimated to cost U.S.$15.0
million, and include 140 holes and 45,000 metres.

7

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In February 2018, La Llamarada
purchased the Rancho Cuesta Blanca, covering an area of 671.9 hectares. The
Company now owns approximately two thirds of the surface rights covering its
optioned mining concessions. A 20 year lease agreement for land access and
exploration activities to the remaining one third of the surface rights on the
mineral concessions is in place with a local ejido.

On September 19, 2018, the Company
announced an updated resource estimate for Las Chispas, and on November 21, 2018
subsequently filed a technical report pursuant to National Instrument 43-101
(NI43-101) on this resource estimate. The mineral resource estimate was
based on the Companys Phase I, II and partial Phase III exploration programs
from March 2016 to September 13, 2018, which included a total of 82,810 metres
of drilling in 305 holes. The resource estimate included an estimated 5.5
kilometres of approximately 20 kilometres of cumulative vein strike length in
the district. During 2019, the Company plans on advancing the project by
continuing Phase III drilling to provide an updated resource report and
completing a Preliminary Economic Assessment (PEA).

On October 2, 2018, SilverCrest
retained the services of Tetra Tech Inc. of Vancouver, BC to complete the PEA
for the Las Chispas project. The PEA will consider the conceptual economics of
developing a 1,000 to 1,500 tonne per day underground mining operation with a
counter-current decantation facility (CCD) and Merrill Crowe recovery circuit
similar to those of the nearby Santa Elena and Mercedes mines. The PEA is
expected to be completed in Q2, 2019 (extended from the previously announced Q1,
2019 estimate as the Company expanded the scope of drilling to include in the
resource estimate for the PEA). As part of the PEA, the Company is completing
expansion and in-fill drilling and metallurgy testwork at Las Chispas. Given the
high-grade nature of Las Chispas, the Company is evaluating cyanidation with a
possible add-on gravity and/or flotation circuit followed by intense leaching.
This test work will help determine the potential for higher silver recoveries
using both cyanidation, gravity and flotation methods. Initial metallurgical
testwork completed in November 2017 showed average recoveries of 86.6% for
silver and 98% for gold using standard cyanidation only.

During December 2018, the Company
selected its contractor to construct an exploration decline to access the
Babicanora Vein, Area 51 zone. As of February 2019, the Company obtained the
necessary permits and commenced work on the decline, estimated to be 550 metres
long, 4.5 metres wide by 4.0 metres in height. The work will also include
drifting 400 to 800 metres along the strike of vein mineralization to collect
additional information on vein grade and width continuity, reconciliation with
the resource model, geotechnical parameters, mineability, and bulk sampling for
additional metallurgical testwork. During the construction of the exploration
drifts, the Company plans to set up drill stations to further in-fill drill the
Area 51 zone and test for extensions at depth. The Company expects to be
drifting in high-grade mineralization and stockpiling this material in the
second half of 2019.

As of December 31, 2018, SilverCrest
had expanded its drilling for Phase III (originally estimated to be 45,000
metres in February 2018) and had drilled a further 30,770 metres in 121 holes
since September 2018 for total of 67,830 metres in 243 holes for its Phase III
exploration program. From March 2016 to December 31, 2018, the Company has
drilled a cumulative 113,580 metres in 426 holes. The Company incurred $18.3
million in exploration expenditures during 2018 for a total of $31.3 million
since inception for Las Chispas.

Guadalupe Property

In late February, 2018, the Company
entered into an assignment of mining concession agreement for the sale and
purchase of 100% title of the Guadalupe Mining Concession. See Other
Exploration Properties  Guadalupe Property.

Other Properties

In May 2018, the Company reinstated the
assignment agreement to purchase a 100% in the El Gueriguito concession by
making a payment of U.S.$50,000. During 2018, the Company made an additional
payment of U.S.$50,000 in accordance with the assignment agreement.

While the Company continues to have a
100% ownership or option interest in the Cruz de Mayo, Huasabas, Angel de Plata,
and Estacion Llano properties, no substantive exploration expenditures are
currently budgeted nor planned. As a result, the Company recorded an impairment
expense of $642,283 for all previously capitalized costs related to these properties. The Company considers these properties
      to be non-material and continues to hold the concessions in good standing
under care and maintenance.

8

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|    | Financings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | In connection with the appointment of Christopher Ritchie
      as President of the Company, the Company completed a private placement of
      $749,988 with Mr. Ritchie. The private placement, which closed on January
      17, 2018, was comprised of 451,800 units at a price of $1.66 per unit,
      with each unit consisting of one common share and one half of one common
      share purchase warrant. Each whole warrant is exercisable for one common
      share at a price of $2.29 per share for a term of two years.                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | In May 2018, the Company completed a short form
      prospectus offering whereby the Company issued 8,214,450 common shares at
      a price of $2.10 for gross proceeds of $17,250,345. Commissions of
      $1,313,613 were paid in connection with the prospectus offering.                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | In December 2018, the Company completed a private
      placement with SSR Mining Inc. of 8,220,645 common shares at a price of
      $3.73 per common share for gross proceeds of $30,663,006. No finders fees
      were paid in connection with the private placement.                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|3.3 | Significant Acquisitions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | The Company has not made any significant acquisitions
      since it became a reporting issuer upon completion of the
    Arrangement.                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|4.  | DESCRIPTION OF BUSINESS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|4.1 | General                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | The Business of the Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | The Company is a Canadian precious metals exploration
      company that is focused on making new discoveries and value-added
      acquisitions, and targeting production in Mexicos precious metal
      districts.                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | The Companys ongoing initiative is to increase its asset
      base by acquiring and developing substantial precious metal resources, and
      ultimately operating high grade silver and/or gold mines in
  Mexico.                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | For the last three fiscal years, the Company has been
      focused on the exploration program of Las Chispas. For a summary of the
      activities at Las Chispas, see General Development of the Business 
      Three Year History.                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | Specialized Skill and Knowledge                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | Most aspects of the Companys business require
      specialized skills and knowledge. Such skills and knowledge include the
      areas of geology, exploration, development, construction, production and
      accounting. The Company has a number of executive officers and employees
      with extensive experience in mining, geology, metallurgy, exploration and
      development in Mexico and other parts of North, Central and South America
      and elsewhere, as well as executive officers and employees with relevant
      accounting experience.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | Competitive Conditions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | The Company competes with major mining companies and
      other smaller natural resource companies in the acquisition, exploration,
      financing and development of new properties and projects in North America.
      Many of these companies are more experienced, larger and have greater
      financial resources for, among other things, financing and the recruitment
      and retention of qualified personnel. See Risk Factors  Competitive
      Conditions.                                                                                     

9

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|    | Employees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | As at the date hereof, the Company and its subsidiaries
      have an aggregate of approximately 12 full-time employees and 14
      contractors. All management functions of the Company are performed by the
      executive officers of the Company, either directly or through their
      consulting companies.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | Foreign Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | The Companys activities are currently focused on the
      exploration of the Las Chispas property located in Sonora, Mexico, which
      exposes it to various levels of political, economic and other risks and
      uncertainties associated with operating in a foreign jurisdiction.
      Operating in Mexico, a developing economy, has certain risks, including
      changes to or invalidation of government mining regulations; expropriation
      or revocation of land or property rights; changes in foreign ownership
      rights; changes in foreign taxation rates; corruption; uncertain political
      climate; terrorist actions or war; and lack of a stable economic climate.
      See Risk Factors  Foreign Operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|4.2 | Risk Factors                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | The following factors are those which are the most
      applicable to the Company. The discussion which follows is not inclusive
      of all potential risks. Risk management is an ongoing exercise upon which
      the Company spends a substantial amount of time. While it is not possible
      to eliminate all of the risks inherent in the mining business, the Company
      strives to manage these risks, to the greatest extent possible, to ensure
      that its assets are protected.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | Risks Inherent in the Mining
  Business                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | The business of exploring for mineral resources is
      inherently risky. Few properties that are explored are ultimately
      developed into producing mines. The business involves significant
      financial risks over a significant period of time that even a combination
      of careful evaluation, experience and knowledge may not eliminate. It is
      impossible to ensure that the Companys current or proposed exploration
      programs will result in commercially viable mining operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | Whether a mineral deposit will be commercially viable
      depends on a number of factors, some of which are: the particular
      attributes of the deposit, such as size, grade and proximity to
      infrastructure; metal prices which are highly cyclical; government
      regulations, including regulations relating to prices, taxes, royalties,
      land tenure, land use, importing and exporting of minerals, permitting and
      environmental protection; and changes in political, social and economical
      conditions in Mexico. The exact effect of these factors cannot be
      accurately predicted, but the combination of these factors may result in
      the Company not receiving an adequate return on invested capital. There is
      no certainty that the expenditures made by the Company towards the search,
      evaluation and development of mineral deposits will result in commercial
      quantities of ore.                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | Even after the commencement of mining operations, such
      operations may be subject to risks and hazards, including availability of
      a suitably trained or trainable labour force, an effective working
      relationship between the Company and its labour force, successful
      renegotiation of labour contracts when they expire, particularly with
      respect to its unionized labour force and related collective agreement,
      environmental hazards, industrial accidents, unusual or unexpected
      geological formations or conditions, unanticipated metallurgical
      difficulties, the ability to acquire on a timely basis the equipment and
      materials necessary to operate the mine at full planned capacity, weather
      conditions (including historically unforeseen and unpredictable changes in
      weather patterns such as significantly increased severity of adverse
      conditions), rock bursts, cave-ins or other ground control problems,
      seismic activity, flooding, and water conditions. The occurrence of any of
      the foregoing could result in damage to or destruction of mineral
      properties or production facilities, personal injuries, environmental
      damage, delays or interruption of production, increases in production
      costs, monetary losses, legal liability and adverse government
    action.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | No History of Operations or
  Earnings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | The Company has no history of operations or earnings. The
      Company is an exploration stage company, and no operating revenues are
      anticipated until one of the Companys projects comes into production,
      which may or may not occur. As such, any future revenues and profits are
      uncertain. The Company is subject to many risks common to
  such enterprises, including under
capitalization, cash shortages, limitations with respect to personnel, financial
and other resources, and lack of revenues. There is no assurance that an
investor will be successful in achieving a return on an investment in the Common
Shares of the Company and the likelihood of success must be considered in light
of its early stage of development. The Company will require additional financing
to further explore, develop, acquire, and achieve commercial production on, its
property interests and, if financing is unavailable for any reason, the Company
may become unable to acquire and retain its property interests and carry out its
business plan.                                                                                                                                                                                                                                                                                                                       

10

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There can be no assurance that any of
the Companys properties will be successfully placed into production, produce
minerals in commercial quantities or otherwise generate operating earnings.
Advancing projects from the exploration stage into development and commercial
production requires significant capital and time and will be subject to further
technical studies, permitting requirements and construction of mines, processing
plants, roads and related works and infrastructure. The Company will continue to
incur losses until mining related operations successfully reach commercial
production levels and generate sufficient revenue to fund continuing operations.
There is no certainty that the Company will generate revenue from any source,
operate profitably or provide a return on investment in the future.

No Mineral Production

The Company does not have an interest
in a producing mineral property. There is no assurance that commercial
quantities of minerals will be discovered at any Company property, nor is there
any assurance that any future exploration programs of the Company on any of its
properties will yield any positive results. Even where potentially commercial
quantities of minerals are discovered, there can be no assurance that any
property of the Company will ever be brought to a stage where mineral reserves
can be profitably produced thereon. Factors which may limit the ability of the
Company to produce mineral resources from its properties include, but are not
limited to, the price of mineral resources, availability of additional capital
and financing and the nature of any mineral deposits.

Global Financial Conditions

Recent global financial conditions have
been characterized by increased volatility, and access to public financing,
particularly for junior mineral exploration companies, has been negatively
impacted. These conditions may affect the Companys ability to obtain equity or
debt financing in the future on terms favourable to the Company or at all. If
such conditions continue, the Companys operations could be negatively impacted.

Competitive Conditions

The mineral industry is intensely
competitive in all its phases. The Company competes with many companies
possessing greater financial resources and technical facilities than itself for
the acquisition of mineral concessions, claims, leases and other mineral
interests as well as for the recruitment and retention of qualified employees.

Commodity Markets

The price of the Companys securities,
its financial results, and its access to the capital required to finance its
exploration activities may in the future be adversely affected by declines in
the price of precious and base metals. Precious metal prices fluctuate widely
and are affected by numerous factors beyond the Companys control such as the
sale or purchase of precious metals by various dealers, central banks and
financial institutions, interest rates, exchange rates, inflation or deflation,
currency exchange fluctuations, global and regional supply and demand,
production and consumption patterns, speculative activities, increased
production due to improved mining and production methods, government regulations
relating to prices, taxes, royalties, land tenure, land use, importing and
exporting of minerals, environmental protection, and international political and
economic trends, conditions and events. If these or other factors adversely
affect the price of precious and base metals, the market price of the Companys
securities may decline.

Insurance and Uninsured Risks

The Companys business is subject to a
number of risks and hazards generally, including adverse environmental
conditions, industrial accidents, labour disputes, unusual or unexpected
geological conditions, ground or slope failures, cave ins, changes in the regulatory
environment, natural phenomena such as inclement weather conditions, floods and
earthquakes. Such occurrences could result in damage to mineral properties,
personal injury or death, environmental damage to the Companys properties or
the properties of others, delays in the ability to undertake exploration,
monetary losses and possible legal liability.

11

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The Company may also be unable to
maintain insurance to cover these risks at economically feasible premiums.
Insurance coverage may not continue to be available or may not be adequate to
cover any resulting liability. Moreover, insurance against risks such as
environmental pollution or other hazards as a result of exploration and
production is not generally available to the Company or to other companies in
the mining industry on acceptable terms. The Company might also become subject
to liability for pollution or other hazards which it may not be insured against
or which the Company may elect not to insure against because of premium costs or
other reasons. Losses from these events may cause the Company to incur
significant costs that could have a material adverse effect upon its financial
performance and results of operations.

Loss of Key Personnel

The Company depends on the business and
technical expertise of a number of key personnel, including its directors and
executive officers and key personnel working full-time in management and
administrative capacities or as consultants. The number of persons skilled in
the acquisition, exploration and development of mining properties is limited and
competition for such persons is intense. As the Companys exploration and
development activities expand, it will require additional key personnel. The
Company does not maintain life insurance for such personnel. The loss of any key
personnel, or the failure to retain such personnel, could have a material
adverse effect on the Companys future operations and financial condition.

Potential Conflicts of Interest

The directors and officers of the
Company may serve as directors and/or officers of other public and private
companies, and may devote a portion of their time to manage other business
interests. This may result in certain conflicts of interest.

To the extent that such other companies
may participate in ventures in which the Company is also participating, such
directors and officers of the Company may have a conflict of interest. The laws
of British Columbia, Canada, require the directors and officers to act honestly,
in good faith, and in the best interests of the Company and its shareholders.
However, in conflict of interest situations, directors and officers of the
Company may owe the same duty to another company and will need to balance the
competing obligations and liabilities of their actions.

Environmental Factors

All phases of the Companys operations
are subject to environmental regulation in the various jurisdictions in which it
operates. Environmental legislation is evolving in a manner which will require
stricter standards and enforcement, increased fines and penalties for
non-compliance, more stringent environmental assessments of proposed projects
and a heightened degree of responsibility for companies and their officers,
directors and employees. There is no assurance that any future changes in
environmental regulation will not adversely affect the Companys operations. The
costs of compliance with changes in government regulations have the potential to
reduce the profitability of future operations. Environmental hazards that may
have been caused by previous or existing owners or operators may exist on the
Companys mineral properties, but are unknown to the Company at the present.

Foreign Operations

The Companys properties are located in
Mexico and therefore exposed to various levels of political, economic and other
risks and uncertainties which could result in work stoppages, blockades of the
Companys business activities and appropriation of assets. Some of the Companys
properties may be located in areas where Mexican drug cartels operate. These
risks and uncertainties vary from region to region and include, but are not
limited to, terrorism; hostage taking; local drug gang activities; military
repression; expropriation; extreme fluctuations in currency exchange rates; high
rates of inflation; labour unrest; the risks of war or civil unrest;
renegotiation or nullification of existing concessions, licenses, permits and
contracts; illegal mining; changes in taxation policies; restrictions on foreign
exchange and repatriation; and changing political conditions, currency controls
and governmental regulations that favour or require the awarding of contracts to
local contractors or require foreign contractors to employ citizens of, or
purchase supplies from, a particular jurisdiction.

12

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Local opposition to mine development
projects could arise in Mexico and such opposition could be violent. There can
be no assurance that such local opposition will not arise with respect to the
Companys foreign operations. If the Company was to experience resistance or
unrest in connection with its operations, it could have a material adverse
effect on its operations and profitability.

Title to Assets

Although the Company has or will
receive title opinions for any properties in which it has a material interest,
there is no guarantee that title to such properties will not be challenged or
impugned. The Company has not conducted surveys of certain of the claims in
which it holds direct or indirect interest and, therefore, the precise area and
location of such claims may be in doubt. The Companys mineral concessions may
be subject to prior unregistered agreements or transfers or native land claims,
and title may be affected by unidentified or unknown defects. The Company has
conducted as thorough an investigation as possible on the title of properties
that it has acquired or will be acquiring to be certain that there are no other
claims or agreements that could affect its title to the concessions or claims.
If title to the Companys properties is disputed it may result in the Company
paying substantial costs to settle the dispute or clear title and could result
in the loss of the property, which events may affect the economic viability of
the Company.

Surface Rights

A mineral concession in Mexico does not
confer any ownership of surface rights. The majority of the Companys mineral
properties are located in remote and relatively uninhabited areas. There are
currently no areas of interest within the Companys mineral concessions that are
overlain by significant habitation or industrial users, however there are
potential overlapping surface usage issues in some areas. Some surface rights
are owned by local communities or Ejidos, and some surface rights are owned by
private ranching or residential interests. The Company will be required to
negotiate the acquisition of surface rights in those areas where it may wish to
develop mining operations. The Companys mineral interests are located on
community or private land, and it is necessary to deal with the owners for
access and any potential development or exploitation rights. There can be no
assurance that the Company will be able to negotiate and acquire surface access
rights on terms acceptable to the Company or at all.

Additional Capital and Financing
Risks

The Company may advance beyond its
currently planned surface and underground exploration, and will use its working
capital to carry out such activities. The Company has no source of operating
cash flow. The exploration and development of the Companys properties may be
dependent upon the Companys ability to obtain financing through equity or debt,
and there can be no assurance that it will be able to obtain adequate financing
in the future or that the terms of such financing will be favourable to the
Company. Failure to obtain such additional financing could result in the delay
or indefinite postponement of further exploration and development of the
Companys projects.

Differences in U.S. and Canadian
reporting of mineral resources

The Companys mineral resource
estimates are not directly comparable to those made in filings pursuant to SEC
Industry Guide 7 under the United States Securities Act of 1933, as amended, as
the Company generally reports mineral resources in accordance with Canadian
practices. These practices are different from those used to report mineral
resource estimates in reports and other materials filed pursuant to SEC Industry
Guide 7. It is Canadian practice to report measured, indicated and inferred
resources, which historically has not been permitted in disclosure filed in
accordance with SEC Industry Guide 7 by United States issuers. Under SEC
Industry Guide 7, historically, mineralization was not classified as a reserve
unless the determination has been made that the mineralization could be
economically and legally produced or extracted at the time the reserve
determination is made. United States investors are cautioned not to assume that
all or any part of measured or indicated resources will ever be converted into
reserves.

13

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Further, inferred mineral resources
have a great amount of uncertainty as to their existence and as to whether they
can be mined legally or economically. Disclosure of contained ounces is
permitted disclosure under Canadian regulations; however, SEC Industry Guide 7
historically has only permitted issuers to report mineralization that does not
constitute reserves as in-place tonnage and grade without reference to unit of
metal measures.

Accordingly, information concerning
descriptions of mineralization, reserves and resources contained in this Annual
Information Form, or in the documents incorporated herein by reference, may not
be comparable to information made public by United States companies pursuant to
SEC Industry Guide 7.

Claims Under U.S. Securities Laws

The enforcement by investors of civil
liabilities under the federal securities laws of the United States may be
affected adversely by the fact that the Company is incorporated under the laws
of British Columbia, Canada, that the independent chartered public accountants
who have audited the Companys financial statements, that the experts who have
prepared reports related to the mineral properties of the Company and some or
all of the Companys directors and officers may be residents of Canada or
elsewhere, and that all or a substantial portion of the Companys assets and
said persons are located outside the United States. As a result, it may be
difficult for holders of the Companys common shares to effect service of
process within the United States upon people who are not residents of the United
States or to realize in the United States upon judgments of courts of the United
States predicated upon civil liabilities under the federal securities laws of
the United States.

Changes in Climate Conditions

A number of governments have introduced
or are moving to introduce climate change legislation and treaties at the
international, national, state/provincial and local levels. Regulation relating
to emission levels (such as carbon taxes) and energy efficiency is becoming more
stringent. If the current regulatory trend continues, this may result in
increased costs at some or all of the Companys operations. In addition, the
physical risks of climate change may also have an adverse effect on the
Companys operations. Extreme weather events have the potential to disrupt
operations at the Companys properties and may require the Company to make
additional expenditures to mitigate the impact of such events.

Anti-Corruption and Anti-Bribery
Laws

The Companys operations are governed
by, and involve interactions with, various levels of government in foreign
countries. The Company is required to comply with anti-corruption and
anti-bribery laws, including the Corruption of Foreign Public Officials
Act (Canada) and the Foreign Corrupt Practices Act (US) and similar
laws in México. In recent years, there has been a general increase in both the
frequency of enforcement and the severity of penalties under such laws,
resulting in greater scrutiny and punishment to companies convicted of violating
anti-corruption and anti-bribery laws. A company may be found liable for
violations by not only its employees, but also by its contractors and third
party agents. The Companys internal procedures and programs may not always be
effective in ensuring that it, its employees, contractors or third party agents
will comply strictly with all such applicable laws. If the Company becomes
subject to an enforcement action or is found to be in violation of such laws,
this may have a material adverse effect on the Companys reputation, result in
significant penalties or sanctions, and have a material adverse effect on the
Companys operations.

Compliance with Canadas
Extractive Sector Transparency Measures Act

The Extractive Sector Transparency
Measures Act (Canada) (ESTMA) requires public disclosure of certain
payments to governments by companies engaged in the commercial development of
minerals which are publicly listed in Canada. Mandatory annual reporting is
required for extractive companies with respect to payments made to foreign and
domestic governments, including aboriginal groups. ESTMA requires reporting on
the payments of any taxes, royalties, fees, production entitlements, bonuses,
dividends, infrastructure reporting or structuring payments to avoid reporting.
If the Company becomes subject to an enforcement action or is in violation of
ESTMA, this may result in significant penalties or sanctions which may also have
a material adverse effect on the Companys reputation.

14

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|    | Information Systems and Cyber
    Security                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | The Companys operations depend, in part, upon
      information technology systems. The Companys information technology
      systems are subject to disruption, damage or failure from a number of
      sources, including, but not limited to, hacking, computer viruses,
      security breaches, natural disasters, power loss, vandalism, theft and
      defects in design. Any of these and other events could result in
      information technology systems failures, operational delays, production
      downtimes, destruction or corruption of data, security breaches or other
      manipulation or improper use of our data, systems and networks, any of
      which could have adverse effects on our reputation, business, results of
      operations, financial condition and share price.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | The Companys risk and exposure to these matters cannot
      be fully mitigated because of, among other things, the evolving nature of
      these threats. As a result, cyber security and the continued development
      and enhancement of controls, processes and practices designed to protect
      our systems, computers, software, data and networks from attack, damage or
      unauthorized access remain a priority. As cyber threats continue to
      evolve, we may be required to expend additional resources to continue to
      modify or enhance protective measures or to investigate and remediate any
      security vulnerabilities.                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|4.3 | Mineral Projects                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    | The Company currently has active mineral property
      interests in Mexico.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

|4.3.1 | Las Chispas Property                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      | The information in this Annual Information Form with
      respect to Las Chispas which follows is the executive summary extracted
      from a technical report entitled Technical Report and Updated Mineral
      Resource Estimate for the Las Chispas Property, Sonora, Mexico, effective
      September 13, 2018 and dated November 19, 2018, pertaining to Las Chispas
      (the Las Chispas Report) that was prepared in compliance with NI
      43-101 by N. Eric Fier, CPG, P. Eng. and Chief Executive Officer of the
      Company. Mr. Fier is a Qualified Person defined in NI 43-101. The Las
      Chispas Report is incorporated by reference in its entirety into this
      Annual Information Form.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      | For recent facts and circumstances applicable to the
      Las Chispas Property arising since the Las Chispas Report, please refer to
      the below section titled, Update to the Technical Summary of the Las
      Chispas Report.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      | The following summary does not purport to be a complete
      summary of the Las Chispas Report and is subject to all the assumptions,
      qualifications and procedures set out in the Las Chispas Report and is
      qualified in its entirety with reference to the full text of the Las
      Chispas Report. Readers should read this summary in conjunction with the
      Las Chispas Report which may be inspected at the head office of
      SilverCrest Metals at Suite 501, 570 Granville Street, Vancouver, British
      Columbia, V6C 3P1, during normal business hours. It can also be accessed
      under SilverCrest Metals profile on SEDAR at www.sedar.com.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      | * * * * * *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      | SilverCrest Metals Inc. (SilverCrest) of Vancouver,
      British Columbia, Canada has prepared this Updated Mineral Resource
      Estimate for the Las Chispas Property (Las Chispas or the Property),
      located in the State of Sonora, Mexico. This Technical Report is prepared
      in compliance with National Instrument 43-101 Standards of Disclosure for
      Mineral Projects (NI 43-101) and titled, Technical Report and Updated
      Mineral Resource Estimate for the Las Chispas Property, Sonora, Mexico
      (September 2018 Updated Mineral Resource Estimate), effective
      September 13, 2018. The September 2018 Updated Mineral Resource Estimate
      updates the Technical Report and Mineral Resource Estimate for the Las
      Chispas Property dated effective February 12, 2018, as amended May 9, 2018
      (February 2018 Maiden Resource Estimate), prepared by James Barr,
      P.Geo independent Qualified Person (QP), Senior Geologist and Team Lead
      with Tetra Tech Inc. The total change in mineral resources disclosed in
      this September 2018 Mineral Resource Estimate is less than 100 percent
      from the February 2018 Maiden Resource Estimate. The September 2018
      Updated Mineral Resource Estimate was completed by N. Eric Fier, CPG,
      P.Eng, and CEO of SilverCrest as author and QP. Refer to the Technical Report
and Mineral Resource Estimate for the Las Chispas Property with Effective Date
February 12, 2018, and amended May 9, 2018, for further information referenced
in this report.

15

---

Las Chispas is the site of historical
production of silver and gold from narrow high-grade veins in numerous
underground mines dating back to approximately 1640. The bulk of historical
mining occurred between 1880 and 1930 by the Pedrazzini Gold and Silver Mining
Company. Minimal mining activity is believed to have been conducted on the
Property since this time. In 1910, annual production for three years trailing
ranged between 3,064 and 3,540 tonnes with grades on average over the period of
1.29 ounces per tonne gold and 173 ounces per tonne silver. High-grades in the
mine are a result of the concentration and formation of numerous primary and
secondary silver sulphides mainly argentite, acanthite, stephanite, polybasite
and pyrargyrite. Numerous world class mineral specimens from the mine were
donated to museums and educational institutions.

Historical mining was conducted along
three main structures which are being identified by SilverCrest as the Las
Chispas Vein, the William Tell Vein, and the Babicanora Vein. Each of these
structures has various extents of underground development and many of the
workings are restricted to small scale development on one or two working levels.
The most extensive development appears to be along the Las Chispas Vein,
historical mining has occurred over a strike length of approximately 1,250 m to
a maximum depth of approximately 350 m. Mining at Las Chispas targeted
high-grade mineralization through a series of interconnected stopes. Small scale
mining was also conducted from three 30 m tunnels at the La Victoria prospect,
located on the southwest portion of the Property.

SilverCrest has gained access to many
of the historical workings through extensive mine rehabilitation of
approximately 11 kilometres of a known 11.5 kilometres of underground
development. Rehabilitation is now complete with access to nine levels
(approximately 900 vertical feet) on the Las Chispas Vein.

Access to the Property is very good. A
10 km dirt road, which connects to the paved Highway 89, has been upgraded. The
highway connects to Hermosillo, approximately 220 km to the southwest, to
Cananea 150 km to the north, or to Tucson, Arizona, approximately 350 km to the
northwest. Nearby communities include Banamichi, located 25 km to the south,
which is the service community for the nearby Santa Elena Mine operated by First
Majestic Silver Corp., and Arizpe located 12 km to the north. The Mercedes Mine
operated previously by Yamana, and now Premier Gold Mine Limited, is located 33
km northwest of Las Chispas.

The Property is comprised of 28 mineral
concessions totalling 1,400.96 hectares. Compañia Minera La Llamarada S.A. de
C.V. (Llamarada), which is a Mexican wholly-owned subsidiary of SilverCrest, has
acquired title to, or entered into option agreements to purchase with five
concession holders. SilverCrest owns approximately two thirds of the surface
rights covering its optioned mining concessions. A 20 year lease agreement for
land access and exploration activities to the remaining one third of the surface
rights on the mineral concessions is in place with the local Ejido (Ejido
Bamori). The map shown in Figure 1 shows the Property layout including mineral
concessions and surface rights ownership.

Las Chispas will require ongoing
exploration permits to continue with drilling and exploration activities.
SilverCrest currently holds an exploration permit for surface drilling which
will need to be extended as of March 28, 2020. SilverCrest submitted an
environmental impact statement (MIA) to the Mexican Governments Secretariat of
Environment and Natural Resources (SEMARNAT) along with an application for an
underground drilling permit. The permit was authorized on September 19, 2016,
for a 10-year period and also authorizes a proposed program to extract a bulk
sample up to 100,000 tonnes for off-site test work. Future amendments to the MIA
will be required for exploration drifting outside historic areas and building
on-site facilities.

No known environmental liabilities
exist on the Property from historical mining and processing operations. Soil and
tailings testing was conducted as part of the overall sampling that has been
ongoing on-site. To date there are no known contaminants. Water quality
testing is currently ongoing for a baseline environmental study that is being
done on-site.

16

---

The mineral deposits are classified as
low to intermediate sulphidation epithermal veins, stockwork and breccia zones,
where silver mineralization is present as primary minerals argentite/acanthite
and secondary minerals stephanite, polybasite and pyrargyrite/proustite. Gold
concentration is related to silver mineralization and may occur in trace
quantities within the silver-sulphosalts, in addition to an electrum phase.
Historical records document the irregular ore shoots of extreme high-grade
mineralization which often occur in contact with, and likely in relation to,
zones of leached and barren quartz and calcite filled fractures. Dufourcq (1910)
describes these zones as commonly occurring horizontally and are a result of
leaching, concentrating and redistributing the primary silver sulphides.

The deposits have been emplaced through
a felsic to more mafic volcaniclastic sequence associated with volcanism of the
upper portion of the Lower Volcanic Series, a dominant member of the Sierra
Madre Occidental terrane which hosts similar deposits in northeastern portions
of the State of Sonora and northwestern portions of the state of Chihuahua.

Previous exploration work was conducted
by Minefinders Corporation Ltd. (Minefinders) between 2008 and 2011. During this
period, Minefinders conducted exploration on the Property which was, however,
limited by mineral concession rights. Regional activities consisted of geologic
mapping and a geochemical sampling program totalling 143 stream sediment and
bulk leach extractable gold (BLEG) samples, 213 underground rock chip samples,
and 1,352 surface rock chips. The work was successful in identifying three gold
targets along the 3 km long structural zone. The most prospective of these
targets was interpreted to be an area between the Las Chispas Vein and the
Babicanora Vein. Minefinders focused on the furthest western extension of the
Babicanora Vein called El Muerto which is the only part of the trend that was
acquired by concession and accessible for exploration work. They drilled seven
reverse circulation holes, totalling 1,842.5 m from the road to the west and off
the main mineralized trends. The program returned negative results and
Minefinders dropped the Property in 2012.

SilverCrest Mines Inc. (now a
subsidiary of First Majestic Silver Corp.), through its subsidiary Nusantara de
Mexico S.A. de C.V., executed options agreements to acquire rights to 17 mineral
concessions in September 2015. On October 1, 2015, these mineral concessions
were transferred to SilverCrests subsidiary Llamarada further to an arrangement
agreement among SilverCrest Metals Inc. (SilverCrest), SilverCrest Mines Inc.,
and First Majestic Silver Corp. After October 2015, Llamarada obtained the
rights to 11 additional mineral concessions.

Before SilverCrest acquired the Las
Chispas Property in October 2015, no drilling had been completed on the
northwest to southeast mineralized trend which contains the Las Chispas and
Babicanora areas.

17

---



18

---

SilverCrest exploration began work on
the Property in February 2016 with a primary focus on the Las Chispas, William
Tell and Babicanora veins. From February to October 2016, the Phase I
exploration program consisted of initial core drilling in the Las Chispas area,
surface and underground mapping and sampling, and rehabilitating an estimated 6
km of underground workings. From November 2016 to February 2018, the Phase II
exploration program consisted of additional drilling, surface and underground
mapping and sampling, further rehabilitation of 4 km of underground workings
plus auger and trenching of approximately 175,000 tonnes of surface historic
waste dumps. The Phase III exploration program commenced in February 2018, and
is currently ongoing as of the Effective Date of this report. From February 2018
to September 2018, the Phase III exploration program consisted of drilling,
additional surface and underground mapping and sampling, and rehabilitation of
1.0 km of underground workings to complete the underground rehabilitation
program of 11 km. The extensive mapping and sampling program being undertaken by
SilverCrest has identified that many of the mineralized showings are comprised
of narrow and high-grade mineralization as low to intermediate sulphidation
epithermal deposits hosted in volcaniclastic rocks.

SilverCrest completed a Phase I, Phase
II and partial Phase III surface and underground drill program totalling
approximately 82,809 m in 305 core holes starting in March 2016 and continuing
through to September 13, 2018.

Phase I core drilling of 22 holes
totalling 6,392.6 m and 4,331 samples targeted near surface mineralization and
lateral extensions of previously mined areas in the Las Chispas Vein, in
addition to the William Tell Vein and the La Victoria prospect. Phase II core
drilling of 161 drill holes totalling 39,357.7 m and 23,218 samples targeted
testing unmined portions of the Las Chispas Vein, delineation of the Giovanni,
Giovanni Mini, La Blanquita and other unnamed veins, in addition to exploration
of the La Varela Vein, all within the Las Chispas Area. Drilling at Babicanora
focused on delineating the down plunge and vertical extents of the Babicanora
Vein, in addition to exploratory drilling on the Amethyst Vein and the
Granaditas target, all within the Babicanora Area. Phase III core drilling of
122 drill holes totalling 37,059.5 m and 19,455 samples targeted the Babicanora
Norte Vein, Luigi Vein and Granaditas Vein as well as continuing to delineate
the down plunge and vertical extents of the Babicanora Vein and Footwall vein.

Drilling on the Babicanora Vein has
identified significant silver and gold mineralization along a regional plunging
trend which has been named the Area 51 zone, based on anchor mineral
intersection in hole BA-17-51. The zone measures approximately 800 m along
strike, 500 m vertically, and remains open down plunge. The top of Area 51 is
located at approximately the same elevation as the valley bottom or 200 vertical
metres from the ridge crest.

Select highlights of the Phase III
drilling results are shown in Table 1. The location of the SilverCrest drilling
in the Las Chispas Area is shown in Figure 2 and in the Babicanora Area in
Figure 3. Surface collar locations were initially surveyed using a handheld GPS
unit, then by a professional surveyor using a differential Trimble GPS. All hole
inclinations were surveyed utilizing single shot measurements with a Flex-it®
tool. Underground collar locations were surveyed relative to the underground
survey network which has been tied in by a professional survey contractor.

19

---

| | Table 1: | Select Highlights from
      Phase III Drilling Results
| | -------- | -------------------------------------------------------

Hole No.
    Vein
    From (m)
    **To (m)**
    Drilled
      **Thickness**(m)
    Est. True
      **Thickness**(m)**
    Au (gpt)
    Ag (gpt)
    AgEq* (gpt)LC17-34
    Luigi
    214.0
    214.9
    0.9
    0.8
    1.03
    151.0
    228LC17-45
    Luigi
    222.3
    227.2
    4.9
    4.1
    1.71
    231.8
    360incl.
    Luigi
    224.5
    225.0
    0.5
    0.4
    7.07
    938.0
    1,468LC17-58
    Luigi
    319.9
    321.9
    2.0
    1.8
    0.28
    221.5
    243LC17-65
    Luigi
    243.0
    244.5
    1.5
    1.4
    13.22
    2,006.7
    2,999incl.
    Luigi
    243.5
    244.0
    0.5
    0.4
    39.20
    5,930.0
    8,870LC17-69
    Luigi
    180.4
    182.0
    1.6
    1.4
    0.18
    172.5
    186LC17-72
    Luigi
    254.9
    256.7
    1.8
    1.6
    3.41
    265.4
    521incl.
    Luigi
    254.9
    255.6
    0.7
    0.6
    7.69
    590.0
    1,167LCU18-25
    Luigi
    43.8
    44.9
    1.1
    1.0
    2.75
    231.5
    438BA18-83
    Babicanora Footwall
    285.2
    287.1
    1.9
    1.5
    54.59
    6,534.9
    10,629incl.
    Babicanora Footwall
    286.0
    286.6
    0.6
    0.5
    183.50
    21,858.0
    35,621BA18-85
    Babicanora Footwall
    328.3
    330.9
    2.6
    2.3
    4.07
    436.0
    741incl.
    Babicanora Footwall
    329.3
    329.8
    0.5
    0.4
    5.95
    564.0
    1,010BA18-89
    Babicanora Footwall
    302.5
    303.6
    1.1
    0.9
    1.15
    151.4
    238incl.
    Babicanora Footwall
    302.5
    303.0
    0.5
    0.4
    2.37
    317.0
    495BA18-70
    Babicanora
    447.1
    448.5
    1.4
    1.2
    0.36
    1,558.7
    1,586incl.
    Babicanora
    447.1
    447.9
    0.8
    0.6
    0.10
    2,670.0
    2,678BA18-72
    Babicanora
    461.8
    462.6
    0.5
    0.5
    1.46
    141.0
    250BA18-74
    Babicanora
    385.9
    397.0
    11.1
    9.2
    1.34
    252.5
    353incl.
    Babicanora
    385.9
    391.0
    5.1
    3.9
    2.66
    344.0
    543BA18-77
    Babicanora
    356.0
    362.0
    6.0
    4.5
    7.96
    912.0
    1,509incl.
    Babicanora
    356.5
    359.0
    2.5
    1.8
    20.62
    2,167.6
    3,714BA18-81
    Babicanora
    274.2
    278.2
    4.0
    4.0
    22.83
    1,718.8
    3,431Incl.
    Babicanora
    275.2
    277.2
    2.0
    2.0
    46.06
    3,342.0
    6,796BA18-82
    Babicanora
    270.2
    275.1
    4.9
    4.9
    0.35
    179.4
    205Incl.
    Babicanora
    274.2
    275.1
    0.9
    0.9
    0.25
    402.3
    421BA18-83
    Babicanora
    262.6
    265.1
    2.5
    2.0
    0.87
    269.0
    334BA18-85
    Babicanora
    313.0
    315.8
    2.8
    2.5
    6.04
    368.8
    822incl.
    Babicanora
    314.1
    315.0
    0.9
    0.8
    14.95
    742.0
    1,863BA18-88
    Babicanora
    377.8
    378.5
    0.7
    0.6
    2.19
    63.5
    228BA18-89
    Babicanora
    268.9
    269.9
    1.0
    0.9
    0.06
    99.1
    104BAN18-02
    Babicanora Norte
    70.8
    72.3
    1.5
    1.4
    9.11
    1,033.3
    1,716incl.
    Babicanora Norte
    71.8
    72.3
    0.5
    0.5
    25.00
    2,760.0
    4,635BAN18-03
    Babicanora Norte
    95.8
    97.3
    1.5
    1.3
    5.19
    726.0
    1,115BAN18-04
    Babicanora Norte
    89.5
    91.0
    1.5
    1.2
    4.71
    592.9
    946incl.
    Babicanora Norte
    89.5
    90.0
    0.5
    0.4
    14.05
    1,775.0
    2,829


20

---

| | Table 1: | Select Highlights from
      Phase III Drilling Results
| | -------- | -------------------------------------------------------

Hole No.
    Vein
    From (m)
    **To (m)**
    Drilled Thickness(m)
    Est. True
      **Thickness** (m)**
    Au (gpt)
    Ag (gpt)
    AgEq* (gpt)BAN18-06
    Babicanora Norte
    101.6
    103.1
    1.5
    1.5
    23.96
    2,081.0
    3,879incl.
    Babicanora Norte
    102.1
    102.6
    0.5
    0.5
    71.80
    6,230.0
    11,615BAN18-07
    Babicanora Norte
    132.7
    134.0
    1.4
    1.4
    1.33
    140.9
    240BAN18-09
    Babicanora Norte
    80.6
    81.6
    1.0
    0.9
    1.26
    146.5
    241BAN18-10
    Babicanora Norte
    93.0
    95.5
    2.5
    2.2
    61.36
    2,833.5
    7,436incl.
    Babicanora Norte
    95.0
    95.5
    0.5
    0.4
    305.00
    13,889.5
    36,764BAN18-11
    Babicanora Norte
    357.4
    359.0
    1.6
    1.4
    1.88
    206.0
    347BAN18-12
    Babicanora Norte
    101.9
    103.4
    1.5
    1.4
    1.18
    136.9
    225incl.
    Babicanora Norte
    101.9
    102.4
    0.5
    0.4
    3.44
    405.0
    663BAN18-13
    Babicanora Norte
    134.9
    136.3
    1.5
    1.2
    2.89
    0.2
    216BAN18-14
    Babicanora Norte
    329.4
    330.9
    1.5
    1.2
    1.33
    102.1
    201Incl.
    Babicanora Norte
    329.4
    329.9
    0.5
    0.4
    3.89
    305.0
    596BAN18-16
    Babicanora Norte
    156.0
    157.5
    1.5
    1.3
    1.50
    176.0
    288BAN18-26
    Babicanora Norte
    328.9
    330.5
    1.6
    1.4
    51.43
    2,838.0
    6,695incl.
    Babicanora Norte
    329.5
    330.0
    0.5
    0.4
    153.50
    7,430.0
    18,942BAN18-27
    Babicanora Norte
    244.6
    246.8
    2.2
    2.1
    6.54
    795.3
    1,286incl.
    Babicanora Norte
    246.1
    246.8
    0.7
    0.6
    18.35
    2,240.0
    3,616BAN18-30
    Babicanora Norte
    246.7
    247.2
    0.5
    0.4
    1.01
    246.0
    321BAN18-31
    Babicanora Norte
    208.8
    210.7
    1.9
    1.8
    15.11
    1,718.2
    2,851Incl.
    Babicanora Norte
    210.2
    210.7
    0.5
    0.4
    56.70
    6,260.0
    10,512BAN18-33
    Babicanora Norte
    224.1
    225.9
    1.8
    1.7
    1.00
    131.4
    206incl.
    Babicanora Norte
    225.3
    225.9
    0.6
    0.5
    1.97
    212.0
    359BAN18-36
    Babicanora Norte
    221.1
    221.7
    0.6
    0.5
    0.51
    74.8
    113BAN18-37
    Babicanora Norte
    231.9
    233.4
    1.6
    1.5
    4.22
    687.0
    1,004incl.
    Babicanora Norte
    234.0
    234.5
    0.5
    0.4
    7.72
    688.0
    1,267BAN18-40
    Babicanora Norte
    189.8
    191.5
    1.7
    1.6
    8.96
    1,078.7
    1,750incl.
    Babicanora Norte
    190.3
    190.9
    0.6
    0.5
    26.60
    3,210.0
    5,205GR17-02
    Granaditas
    138.9
    140.6
    1.7
    1.5
    3.63
    190.1
    462incl.
    Granaditas
    139.9
    140.6
    0.7
    0.6
    8.16
    387.0
    999GR18-04
    Granaditas
    133.3
    135.3
    2.0
    1.8
    12.14
    1,440.3
    2,350incl.
    Granaditas
    133.8
    134.3
    0.5
    0.4
    47.50
    5,620.0
    9,183GR18-09
    Granaditas
    165.9
    167.3
    1.4
    1.3
    3.24
    338.9
    582incl.
    Granaditas
    166.4
    167.3
    0.9
    0.8
    4.86
    498.0
    863GR18-11
    Granaditas
    179.4
    180.6
    1.2
    1.2
    1.23
    114.0
    206GR18-12
    Granaditas
    162.4
    164.0
    1.6
    1.2
    5.60
    15.0
    437incl.
    Granaditas
    162.9
    164.0
    1.1
    0.8
    8.30
    20.0
    641GR18-15
    Granaditas
    210.8
    212.4
    1.6
    1.3
    4.20
    229.0
    543


21

---

| | Table 1: | Select Highlights from
      Phase III Drilling Results
| | -------- | -------------------------------------------------------

Hole No.
    Vein
    From (m)
    To (m)
    Drilled
      Thickness (m)
    Est. True
      Thickness (m)**
    Au (gpt)
    Ag (gpt)
    AgEq* (gpt)incl.
    Granaditas
    211.8
    212.4
    0.6
    0.5
    10.10
    520.0
    1,274GR18-17
    Granaditas
    280.6
    282.3
    1.7
    1.2
    3.10
    4.0
    234incl.
    Granaditas
    280.6
    281.1
    0.5
    0.4
    10.00
    11.0
    760GR18-03
    Granaditas Dos
    47.5
    48.1
    0.6
    0.5
    0.50
    97.0
    134GR18-04
    Granaditas Dos
    107.9
    108.4
    0.5
    0.5
    1.80
    149.0
    285GR18-07
    Granaditas Dos
    25.0
    25.5
    0.5
    0.4
    2.40
    421.0
    600GR18-09
    Granaditas Dos
    80.7
    81.2
    0.5
    0.5
    2.90
    294.0
    514GR18-12
    Granaditas Dos
    66.2
    68.0
    1.7
    1.2
    1.20
    162.0
    248incl.
    Granaditas Dos
    67.4
    68.0
    0.6
    0.4
    3.30
    468.0
    712GR18-13
    Granaditas Dos
    117.8
    118.3
    0.5
    0.3
    0.90
    130.0
    197GR18-15
    Granaditas Dos
    86.0
    86.5
    0.5
    0.4
    0.70
    157.0
    208


Note: All numbers are rounded. * AgEq based on 75 (Ag):1
(Au), calculated using long-term silver and gold prices of U.S.$18.50 per ounce
silver and U.S.$1,225 per ounce gold with average metallurgical recoveries of
86.6% silver and 98.9% gold.**All holes were drilled at angles to
mineralization and adjusted for true thickness.

22

---



23

---



24

---

The February 2018 Maiden Resource
Estimate encompasses vein hosted material at the Babicanora, Las Chispas,
William Tell and Giovanni veins, and surface stockpiled material remaining from
historical operations as waste dumps, waste tailings deposits and as recovered
underground muck material. The September 2018 Updated Mineral Resource Estimate
is the subject of this report and encompasses vein material at the Babicanora,
Babicanora Footwall, Babicanora Norte, Granaditas, Las Chispas, William Tell,
Giovanni and Luigi veins and previously reported surface stockpiled material.
The comparison of the February 2018 Maiden Resource Estimate to the September
2018 Updated Mineral Resource Estimate is set out in Table 2.

| | Table 2: | Maiden vs. Updated Resource
      Comparison
| | -------- | --------------------------------------------

Resource
      Category(1)
    Tonnes(M)
    Au gpt
    Ag gpt
    AgEq(2) gpt
    ContainedAu
      Ounces
    Contained 
      AgOunces
    ContainedAgEq(2) OuncesFebruary 2018 Resource
    3.4
    3.63
    296.0
    568
    401,600
    32,675,600
    62,826,100Includes*
    1.0
    7.43
    469.0
    1,026
    231,000
    14,581,000
    32,247,000September 2018 Resource
    4.3
    3.68
    347.0
    623
    511,500
    48,298,700
    86,701,200Includes**
    1.6
    6.97
    568.5
    1,091
    359,900
    29,343,600
    56,333,400


Notes: All numbers are rounded. *
Includes Area 51 resource estimation. ** Includes Area 51 and adjacent
Babicanora Norte resource estimation.

| | (1) | Conforms to NI 43-101, Companion Policy 43-101CP, and the
      Canadian Institution of Mining, Metallurgy and Petroleum (CIM)
      Definition Standards on Mineral Resources and Mineral Reserves. Inferred
      Resources have been estimated from geological evidence and limited
      sampling and must be treated with a lower level of confidence than
      Measured and Indicated Resources.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (2) | AgEq based on 75 (Ag):1 (Au), calculated using long-term
      silver and gold prices of U.S.$18.50 per ounce silver and U.S.$1,225 per
      ounce gold with average metallurgical recoveries of 86.6% silver and 98.9%
      gold.                                                                                                                                                                     
| | (3) | There are no known legal, political, environmental, or
      other risks that could materially affect the potential development of the
      mineral resources.                                                                                                                                                                                                                                          

Vein models were constructed by
SilverCrest using Aranz Leapfrog Geo v.4.3 and the majority of the veins were
constrained to a minimum thickness of 1.5 m. Block models were constructed using
Geovia GEMS v.6.7.4. Data was reviewed by the QP in Geovia GEMS v.6.7.4. The
vein models were used to constrain drill hole samples and underground channel
samples to be representative of the mineralized vein. Drill hole assays were
composited within the vein solid to 1 m intervals, and channel samples were kept
at the original sample length which was approximately 1 m. A total of 1,318
composite drill core data points and 2,652 underground channel data points were
used as the basis for the mineral resource estimate.

In total there were four block models
developed for the September 2018 Updated Mineral Resource Estimate. One block
model was developed for the veins in the Las Chispas Area, which included Las
Chispas, William Tell, Giovanni, Giovanni Mini, La Blanquita and Luigi veins.
Three block models developed in the Babicanora area were defined by vein and
structural controls. These three models were divided into the Babicanora model
which included the Babicanora Main, Babicanora Footwall and Babicanora Hanging
wall veins, the Babicanora Norte model and the Granaditas model. The block
models were established on 2 m by 2m by 2m blocks using the percent model
methods in Geovia GEMs to accommodate the vein widths averaging approximately 3
m.

Input parameters for block model
interpolation included Ag and Au grades. Metal grades were interpolated using
ordinary kriging and inverse distance squared methods using search parameters
based on variographic assessment. Where inputs grades were used from underground
sampling and drill hole sampling, multiple interpolation passes were used to
first isolate underground sample in short range searches, following by larger
searches which included both underground sampling and drill hole sampling. Where
only drill hole sampling was available, single interpolation passes were used.

A fixed bulk density value of 2.55
t/m3was applied to all materials within the block model. Bulk
density was measured in 72 independent laboratory wax coated bulk density tests
on mineralized and non-mineralized rock samples, and 641 specific gravity
measurements collected by SilverCrest.

25

---

Excavation models were developed for
historical underground workings within the Las Chispas vein, William Tell Vein
and Giovanni veins based on SilverCrest underground mapping and historical
records when available. The excavation models were superimposed onto the vein
models, and the material volumes removed from the mineral resource estimate
computations. Additionally, the Las Chispas estimate did not include any
material below the 900 level workings (approximately 900 metres above sea level
(masl)) due to limited mapping and sampling in this area.

A total of 41 historical stockpiles
were mapped, surveyed and sampled by SilverCrest between July 2017 and January
2018. The sample collection program included trenching and auger sampling
resulting in 1,340 samples. The stockpile surveys were used in combination with
average trench depths and an estimated bulk density value of 1.7 t/m3
to estimate volume and tonnages for each stockpile, and the sample grades were
averaged. Stockpiles with average grade of >100 gpt AgEq, were tabulated and
classified as Inferred Mineral Resources.

The estimates are effective as of
September 13, 2018, and are summarized in Table 3. A detailed breakdown of the
vein estimates is included in Table 4 and details of the stockpile estimate are
included in Table 5. These estimates adhere to guidelines set forth by National
Instrument 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum
(CIM) Best Practices. All estimates prepared for the Las Chispas Property have
been classified as Inferred using CIM Definition Standards.

| | Table 3: | Summary of
      Mineral Resource Estimates for Vein Material and Surface Stockpile
      Material at the Las Chispas Property, Effective September 13,
      2018
| | -------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

Type
    Cut-off
      Grade3 (gpt
      AgEq2)
    Classification1
    Tonnes
    Au gpt
    Ag gpt
    AgEq2
      gpt
    Contained Au
      Ounces
    Contained Ag
      Ounces
    Contained
      **AgEq2** OuncesVein material
    150
    Inferred
    4,153,900
    3.78
    356.7
    640
    503,900
    47,634,100
    85,455,100Stockpile
    100
    Inferred
    174,500
    1.38
    119.0
    222
    7600
    664,600
    1,246,100Overall
    
    Inferred
    4,328,400
    3.68
    347.1
    623
    511,500
    48,298,700
    86,701,200


| | (1) | Conforms to NI 43-101, Companion Policy 43-101CP, and the
      Canadian Institution of Mining, Metallurgy and Petroleum (CIM)
      Definition Standards on Mineral Resources and Mineral Reserves. Inferred
      Resources have been estimated from geological evidence and limited
      sampling and must be treated with a lower level of confidence than
      Measured and Indicated Resources.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (2) | AgEq based on 75 (Ag):1 (Au), calculated using long-term
      silver and gold prices of U.S.$18.50 per ounce silver and U.S.$1,225 per
      ounce gold with average metallurgical recoveries of 86.6% silver and 98.9%
      gold.                                                                                                                                                                     
| | (3) | Vein resource is reported using a 150 gpt AgEq cut-off
      grade and minimum 1.5 m true width (approximate), and surface stockpile
      resource is reported using a 100 gpt AgEq cut-off.                                                                                                                                                                                                            
| | (4) | There are no known legal, political, environmental, or
      other risks that could materially affect the potential development of the
      mineral resources.                                                                                                                                                                                                                                          
| | (5) | All numbers are rounded. Overall numbers may not be exact
      due to rounding.                                                                                                                                                                                                                                                                                                                         

| | Table 4: | Mineral Resource
      Estimate for Vein Material at the Las Chispas Property, Effective
      September 13, 2018
| | -------- | -----------------------------------------------------------------------------------------------------------------

Vein(6)
    Classification(1)
    Tonnes
    Au
    Ag
    AgEq(2)
    Contained
    Contained
    Containedgpt
    gpt
    gpt
    Au Ounces
    Ag Ounces
    AgEq(2)OuncesBabicanora(4)
    Inferred
    1,931,200
    5.06
    447.2
    826
    314,100
    27,763,700
    51,318,800Includes Area 51
    Inferred
    1,116,800
    7.13
    613.8
    1,148
    256,000
    22,040,000
    41,238,100Babicanora Norte
    Inferred
    488,800
    6.61
    464.8
    961
    103,900
    7,303,600
    15,095,300Granaditas
    Inferred
    95,100
    2.46
    220.9
    405
    7,500
    675,100
    1,239,200Las Chispas(5)
    Inferred
    171,000
    2.39
    340.0
    520
    13,000
    1,869,500
    2,861,000Giovanni(4)
    Inferred
    686,600
    1.47
    238.7
    349
    32,500
    5,269,000
    7,699,800


26

---

William Tell(5)
    Inferred
    595,000
    1.32
    185.0
    284
    25,000
    3,543,000
    5,438,000Luigi
    Inferred
    186,200
    1.32
    202.1
    301
    7,900
    1,210,200
    1,803,000Total
    Inferred
    4,153,900
    3.78
    356.7
    640
    503,900
    47,634,100
    85,455,100


| | 1) | Conforms to NI 43-101, Companion Policy 43-101CP, and the
      CIM Definition Standards for Mineral Resources and Mineral Reserves.
      Inferred Resources have been estimated from geological evidence and
      limited sampling and must be treated with a lower level of confidence than
      Measured and Indicated Resources.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 2) | AgEq based on 75 (Ag):1 (Au), calculated using long-term
      silver and gold prices of U.S.$18.50 per ounce silver and U.S.$1,225 per
      ounce gold with average metallurgical recoveries of 86.6% silver and 98.9%
      gold.                                                                                                   
| | 3) | All numbers are rounded. Overall numbers may not be exact
      due to rounding.                                                                                                                                                                                                                                                       
| | 4) | Babicanora resource includes the Babicanora Vein and
      Babicanora Footwall & Hangingwall Veins and Giovanni resource includes
      the La Blanquita extension and Giovanni mini Vein.                                                                                                                                             
| | 5) | Resource estimations for the Las Chispas and William Tell
      veins are unchanged from the February 2018 Maiden Resource
  Estimate.                                                                                                                                                                                                 
| | 6) | The estimate for Vein material is reported using a 150
      gpt AgEq cut-off grade and minimum 1.5 m true width
  (approximate).                                                                                                                                                                                                      
| | 7) | There are no known legal, political, environmental, or
      other risks that could materially affect the potential development of the
      mineral resources.                                                                                                                                                                        

27

---

| | Table 5: | Mineral Resource
      Estimate for Surface Stockpile Material at the Las Chispas Property,Effective September 13, 2018
| | -------- | -----------------------------------------------------------------------------------------------------------------------

Stockpile Name
    Tonnes
    Au (gpt)
    **Ag (gpt)**
    AgEq (2)(gpt)
    ContainedGold
      Ounces
    ContainedSilver
      Ounces
    Contained AgEq**(2)Ounces**North Chispas 1
    1,200
    0.54
    71
    111
    20
    2,700
    4,200La Capilla
    14,200
    4.92
    137
    506
    2,300
    62,700
    231,600San Gotardo
    79,500
    0.79
    121
    180
    2,000
    308,100
    459,600Lupena
    17,500
    1.38
    79
    182
    800
    44,300
    102,700Las Chispas 1 (LCH)
    24,200
    0.78
    125
    183
    600
    97,000
    142,500Las Chispas 2
    1,100
    1.23
    236
    329
    40
    8,100
    11,300Las Chispas 3 (San Judas)
    1,000
    2.05
    703
    857
    100
    22,400
    27,300La Central
    3,800
    0.75
    116
    172
    100
    14,300
    21,200Chiltepines 1
    200
    0.87
    175
    240
    0
    800
    1,200Espiritu Santo
    1,700
    0.52
    94
    133
    30
    5,000
    7,100La Blanquita 2
    4,600
    0.53
    118
    158
    100
    17,500
    23,400El Muerto
    5,800
    2.52
    79
    268
    500
    14,900
    50,200Sementales
    800
    4.38
    47
    376
    100
    1,200
    9,700Buena Vista
    400
    4.62
    57
    403
    100
    700
    5,100Babicanora
    10,300
    1.81
    56
    192
    600
    18,500
    63,300Babicanora 2
    1,000
    2.63
    276
    473
    100
    8,900
    15,300El Cruce & 2,3
    100
    0.75
    39
    96
    3
    200
    400Babi stockpiled fill
    800
    1.80
    120
    255
    50
    3,100
    6,600LC stockpiled fill
    300
    2.50
    243
    431
    20
    2,300
    4,200Las Chispas u/g backfill
    2,000
    2.10
    243
    431
    100
    16,500
    26,600Babicanora u/g backfill
    4,000
    1.80
    120
    255
    200
    15,500
    32,800TOTAL
    174,500
    1.38
    119
    222
    7,600
    664,600
    1,246,100


| | 1) | Conforms to NI 43-101, Companion Policy 43-101CP, and the
      CIM Definition Standards for Mineral Resources and Mineral Reserves.
      Inferred Resources have been estimated from geological evidence and
      limited sampling and must be treated with a lower level of confidence than
      Measured and Indicated Resources.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 2) | All numbers are rounded. Overall numbers may not be exact
      due to rounding.                                                                                                                                                                                                                                                       
| | 3) | AgEq based on 75 (Ag):1 (Au), calculated using long-term
      silver and gold prices of U.S.$18.50 per ounce silver and U.S.$1,225 per
      ounce gold with average metallurgical recoveries of 86.6% silver and 98.9%
      gold.                                                                                                   
| | 4) | Resource is reported using a 100 gpt AgEq cut-off
      grade.                                                                                                                                                                                                                                                                         
| | 5) | There are no known legal, political, environmental, or
      other risks that could materially affect the potential development of the
      mineral resources.                                                                                                                                                                        
| | 6) | Resource estimations for the historical dumps are
      unchanged from the February 2018 Maiden Resource
  Estimate.                                                                                                                                                                                                                   

28

---

In August 2017, SilverCrest conducted
preliminary metallurgical testwork using 19 drill core samples from the Las
Chispas and Babicanora veins that were combined into three composite samples.
The testwork conducted at SGS Mineral Services in Durango, Mexico, included
standard bottle rolls with 85% of material passing 150 mesh, pH at 11-11.5, 48%
solids, and retention time of 50 hours. The results after 50 hours were an
average of 98.9% gold recovery and 86.6% silver recovery. NaCN consumption rates
averaged 1.5 Kg/t and CaO consumption rates averaged 1.4 Kg/t.

Based on the results of exploration
work completed to date, the Las Chispas Property comprises an extensive
mineralizing system, with numerous veins, or portions of veins, that remain
intact and potentially undiscovered.

The Las Chispas Property comprises an
extensive mineralizing system and merits further work to continue to
characterize the internal variability and extents of the 30 known veins in the
district and to explore the numerous veins not yet tested. A Phase III program
estimated to cost approximately US$15 million, which was originally recommended
in the February 2018 Maiden Resource Estimate, continues to be reasonable. This
exploration program, which commenced in February 2018 and is currently ongoing
as of the Effective Date of this report, includes additional underground channel
sampling, dedicated metallurgical testwork on significant veins, expansion and
infill drilling along multiple veins, exploration decline at Area 51 zone,
baseline work and permitting has been recommended. Results from the remainder of
the Phase III program should be incorporated into a second updated mineral
resource technical report and preliminary economic assessment. A cost estimate
for this program is included below.

| | Table 6: | Cost Estimate for Additional Phase
      III Exploration Work
| | -------- | -------------------------------------------------------------

Item
    Units
    Cost
      Estimate (USD$000)Dedicated sampling and metallurgical
      testwork on most significant veins
    200 samples, composites and
      testwork
    100Expansion and infill drilling along
      multiple veins
    45,000 m (surface and
      underground)
    9,000Area 51 decline and exploration
    1,500 m
    3,000Baseline work and permitting
    Decline, explosives, added
      drilling
    200Water exploration, permitting and purchase
    All rights for water use
    300Update resource and technical report
    Q1 2019 Technical Report
    100Preliminary economic assessment
    Q1 2019 PEA
    300Mexico admin and labor
    G & A
    1,500Corporate support
    Corporate G & A
    500Total
    
    15,000


* * * * * *

Update to the Technical Summary
of the Las Chispas Report

The above Technical Summary of Las
Chispas was extracted from the Las Chispas Report which is dated effective
September 13, 2018. The following developments have occurred in relation to Las
Chispas since that date:

| | • | A total of approximately 133,470 metres of exploration
      and in-fill drilling has occurred for a total of 488 holes as of February
      28, 2019. A further 40,000 to 50,000 metres of drilling is contemplated to
      be completed by June 2019.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | • | Between December 2018 and February 2019, the Company
      submitted three addendums to an environmental impact statement (MIA),
      originally authorized on September 19, 2016, to the Mexican Government's
      Secretariat of Environment and Natural Resources (SEMARNAT) for
      exploration drifting outside historic areas and building on-site
      facilities. Each of the three addendums submitted have been accepted by
      SEMARNAT as of the date of this Annual Information Form. In addition the
      Company has submitted to SEMARNAT 2 additional MIA (one for
  the mine development and one the for the access road).
      Both of these MIA are progressing as of the date of this Annual
  Information Form.

29

---

| | • | The Company will continue its Phase III exploration
      program until the end of 2019 (previously scheduled for completion in the
      first quarter of 2019). Two additional resource estimate updates are
      planned by the end of 2019; the first to be announced by the end of the
      first quarter and the second to be announced by the end of the fourth
      quarter. Commencing 2020, the Company will report its exploration and
      development activities on an annual basis, and will discontinue using
      phases to discuss the stage of its Las Chispas activities.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | • | With respect to 13 concessions of the Las Chispas
      Property, on December 3, 2018, the final payments of U.S.$1,012,500 in
      cash was made and 96,473 in Common Shares were issued in satisfaction of a
      payment of U.S.$250,000. As a result, reservation of legal ownership has
      been released.                                                                                                                                                                                                                                                                              

|4.3.2 | Other Exploration Properties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      | Cruz de Mayo Property                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      | The Cruz de Mayo property is located in the State of
      Sonora, Mexico, approximately 22 km northwest of the town of Cumpas and
      163 km north east of Hermosillo. Cruz de Mayo presently consists of the
      Cruz de Mayo 2 mineral concession. SilverCrest Metals through La Llamarada
      has 100% ownership of the Cruz de Mayo 2 concession and the right to
      purchase 100% interest in the El Gueriguito concession. The El Gueriguito
      concession is subject to a 2.5% NSR, to a maximum of
  U.S.$1,000,000.                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      | At this time, the Company has no plans to perform any
      work on the Cruz de Mayo property or the El Gueriguito concession and
      therefore no longer considers them to be material properties. Future
      payments, obligations or known future taxes payable in respect of the Cruz
      de Mayo are expected to total approximately U.S.$7,500 per year.                                                                                                                                                                                                                                                                                                                                                       
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      | Huasabas Property                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      | The Huasabas property is currently under a cancellation
      process and located approximately 190 kilometres northeast of Hermosillo,
      Sonora, Mexico. The community of Huasabas (estimated population 1,000) is
      located approximately 15 kilometres to the southeast of the property. The
      property consists of one concession totalling 800 hectares.                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      | The only work the Company conducted was during early
      2016, whereby the Company completed approximately 1,091 metres of drilling
      in five core holes. Drill results indicate the presence of a large
      epithermal system with up to 225 metres of drill intercepted breccias,
      stockwork veining and banded veins in Tertiary volcanics. Geochemical
      assay results show that the near surface mineralization is close to the
      top of the epithermal system with strong Au-Ag-Ba- Sb-As-Hg anomalies.
      Drill results for the first five holes showed multiple intercepts from 5
      to 10 metres wide grading 0.1 to 0.3 grams per tonne gold and 5 to 15
      grams per tonne silver.
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      | Silver Angel Property                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      | The Silver Angel property is located approximately 165
      kilometres northeast of Hermosillo, Sonora, Mexico. The community of
      Arizpe (estimated population 2,000) is located approximately 25 kilometres
      to the west of the property. The property consists of one concession
      totalling 619 hectares.                                                                                                                                                                                                                                                                                                                                                                                                
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      | At this time, the Company has no plan to perform any work
      on the Silver Angel property. Future payments, obligations or known future
      taxes payable in respect of the Silver Angel property are expected to
      total approximately U.S.$10,000 per year.                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      | Estacion Llano Property                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      | The Estacion Llano property is located approximately 140
      kilometres north of Hermosillo, Sonora, Mexico. The community of Estacion
      Llano (estimated population 1,000) is located approximately 8 kilometres
      to the east of the property. Also, Alio Gold Inc.s San Francisco mine is
      adjacent to the property, which consists of one concession totalling 2,379
hectares.                                                                                                                                                                                                                                                                                                                         

30

---

|    | At this time, the Company has no plan to perform any work
      on the Estacion Llano property. This property is currently subject to
      litigation and, depending on the outcome, may not ultimately be
      transferred to the Company. As a result, there are no known future
      payments, obligations or known future taxes payable in respect of the
      Estacion Llano property except for concession payments of approximately
      U.S.$40,000 per year.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | Guadalupe Property                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | The Guadalupe property is located approximately 110
      kilometres northwest of Durango City, Durango, Mexico. The community of
      Gavilanes (estimated population 145) is located adjacent to the property,
      and San Miguel de Cruces (estimated population 1,800) is approximately 25
      kilometres north. The property consists of one concession totalling 4,762
      hectares.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | On February 28, 2018, the Company and Oro Gold de Mexico
      S.A. de C.V., a subsidiary of Marlin Gold, entered into an assignment of
      mining concession agreement for the sale and purchase of 100% title of the
      Guadalupe Mining Concession. The price agreed upon by the parties was
      U.S.$500,000 plus value added tax (IVA) to be paid as follows:
      U.S.$100,000 plus IVA on signing of the agreement (received); U.S.$100,000
      plus IVA no later than 12 months from the date of signing the agreement
      (received); and U.S.$300,000 plus IVA no later than 24 months from the
      date of signing of the agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|5.  | DIVIDENDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|5.1 | Dividends                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | Since its organization, the Company has not paid any
      dividends on its Common Shares and there is no current intent to pay
      dividends in the future.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|6.  | CAPITAL STRUCTURE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|6.1 | General Description of Capital Structure                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | The Companys authorized share capital is comprised of an
      unlimited number of common shares without par value (Common
      Shares) and an unlimited number of preferred shares without par
      value. As of the date of this Annual Information Form, the Company had
      85,369,816 Common Shares issued and outstanding and no preferred shares
      issued and outstanding.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | Common Shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | Each Common Share ranks equally with all other Common
      Shares with respect to distribution of assets upon dissolution,
      liquidation or winding-up of the Company and payment of dividends. The
      holders of Common Shares are entitled to one vote for each share on all
      matters to be voted on by such holders and are entitled to receive pro
      rata such dividends as may be declared by the Board of Directors of the
      Company. The holders of Common Shares have no pre-emptive or conversion
      rights. The rights attaching to the Common Shares can only be modified by
      the affirmative vote of at least two-thirds of the votes cast at a meeting
      of shareholders called for that purpose.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | Preferred Shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|    | Preferred shares may at any time and from time to time be
      issued by the directors of the Company in one or more series with special
      rights and restrictions as may be determined by the directors of the
      Company, subject to the rights and restrictions applicable to the
      preferred shares as a class, and without further shareholder approval. The
      holders of preferred shares are entitled upon dissolution, liquidation or
      winding-up of the Company to receive, before any distribution is made to
      the holders of Common Shares the amount paid up with respect to each
      preferred share, together with any accrued and unpaid dividends thereon;
      provided that after such payment, the holders of preferred shares shall
      not be entitled to share in any further distribution of the property or
      assets of the Company, except as specifically provided for in the special
      rights and restrictions attached to any particular series. Except for such
      rights relating to the election of directors on a default in payment of
      dividends as may be attached to any series of
preferred shares by the directors, holders of preferred shares are
      not entitled to receive notice of, or to attend or vote at, any general
  meeting of shareholders of the Company.

31

---

|7.  | MARKET FOR SECURITIES                                                                                                                                                                                                                                                                                                                                                                          
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                
|7.1 | Trading Price and Volume                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                
|    | The Common Shares of the Company are listed for trading
      on the TSX-V under the symbol SIL which is the Companys principal
      trading market. The Companys Common Shares are also listed for trading on
      the NYSE. The monthly high and low prices and total trading volumes for
      the Companys Common Shares on the TSX-V during fiscal 2018 are as set out
      below:

High
    
    LowMonth
    
    ($)
    
    ($)
    
    VolumeJanuary 2018
    
    2.58
    
    1.75
    
    2,650,090February 2018
    
    2.50
    
    1.80
    
    2,793,230March 2018
    
    2.55
    
    2.09
    
    2,394,120April 2018
    
    2.46
    
    2.03
    
    4,474,930May 2018
    
    2.74
    
    2.20
    
    1,534,195June 2018
    
    3.00
    
    2.45
    
    2,295,320July 2018
    
    3.58
    
    2.70
    
    3,274,150August 2018
    
    3.40
    
    2.60
    
    2,359,125September 2018
    
    3.49
    
    2.85
    
    3,769,230October 2018
    
    3.80
    
    3.10
    
    2,606,589November 2018
    
    3.80
    
    2.93
    
    2,370,531December 2018
    
    4.05
    
    3.05
    
    1,921,866


Certain warrants of the Company are
listed for trading on TSX-V under the symbol SIL.WT. The monthly high and low
prices and total trading volumes for the Companys warrants on the TSX-V during
fiscal 2018 are as set out below:

High
    
    LowMonth
    
    ($)
    
    ($)
    
    VolumeJanuary 2018
    
    0.45
    
    0.40
    
    5,000February 2018
    
    0.35
    
    0.25
    
    17,500March 2018
    
    0.43
    
    0.20
    
    13,700April 2018
    
    0.27
    
    0.21
    
    6,550May 2018
    
    0.20
    
    0.16
    
    8,400June 2018
    
    0.32
    
    0.14
    
    40,500July 2018
    
    0.66
    
    0.22
    
    67,700August 2018
    
    0.60
    
    0.20
    
    21,500September 2018
    
    0.45
    
    0.25
    
    42,600October 2018
    
    0.79
    
    0.35
    
    96,780November 2018
    
    0.75
    
    0.15
    
    228,800December 2018
    
    0.25
    
    0.11
    
    86,400


|   | The Companys warrants expired on December 6,
  2018.                                  
|-- | ---------------------------------------------------------------------------------------
|   |                                                                                        
|8. | ESCROWED SECURITIES AND SECURITIES SUBJECT TO
      CONTRACTUAL RESTRICTION ON TRANSFER

|8.1 | Escrowed Securities                                                                                                                          
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                              
|    | To the Companys knowledge, there are no securities of
      the Company in escrow or subject to a contractual restriction on
      transfer.

32

---

|9.  | DIRECTORS AND OFFICERS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|9.1 | Name, Occupation and Security Holding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    | The following table sets forth the name, province or
      state and country of residence, position with the Company at the date
      hereof, and principal occupation during the five preceding years of each
      director and executive officer of the Company. Each of the directors of
      the Company holds office until the next annual general meeting of the
      Company unless the directors office is earlier vacated in accordance with
      the articles of the Company or the director becomes disqualified to serve
      as a director.

|                                                   |  |                                            |  | Date of                               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|-------------------------------------------------- |  | ------------------------------------------ |  | ------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name, Province and                                 |  |                                            |  | Appointment as                        |  | Principal Occupation
      Within                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|Country of
      Residence                         |  | Office                                     |  | Director                              |  | the Five Preceding Years                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Graham C. Thody(1)British
      Columbia, Canada   |  | Chairman and Director                      |  | Director since August 6, 2015         |  | Retired Chartered
      Professional Accountant; Consultant to UEX Corporation (UEX) from
      January 2014 to December 2015; President and Chief Executive Officer of
      UEX from November 2009 to January 2014; Chairman of UEX since January
      2015; Chairman of Goldsource Mines Inc. (Goldsource) from
      February 2014 to January 2018; Director of Goldsource since December 2003;
      and Director of ValOro Resources Inc. (formerly Geologix Exploration Inc.)
      from May 2005 to December 2018.
|                                                   |  |                                            |  |                                       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|N. Eric Fier British Columbia, Canada              |  | Chief Executive Officer and
      Director |  | Director since June 23, 2015          |  | Chief Executive
      Officer of the Company since June 2015; President of the Company from
      August 2015 to January 1, 2018, and; Chief Operating Officer of Goldsource
      since June 2010; Executive Chairman of Goldsource since January 2018;
      Chief Operating Officer, from May 2003 to October 2015, and President,
      from June 2013 to February 2015, of SilverCrest Mines; and President of
      Maverick (Mining) Consultants Inc. since July 2001.                                                  
|                                                   |  |                                            |  |                                       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|Ross O. Glanville(1)(2)(3)British Columbia, Canada |  | Director                                   |  | Director since August 6, 2015         |  | Professional
      Mining Engineer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                                                   |  |                                            |  |                                       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|Hannes Portmann(1)(2)(3)Ontario, Canada            |  | Director                                   |  | Director since October 31,
      2018 |  | Chartered
      Professional Accountant; President and Chief Executive Officer of New Gold
      Inc. from January 2017 through May 2018 and Executive Vice President,
      Business Development of New Gold Inc. from December 2015 to December 2016;
      and Vice President, Business Development of New Gold Inc. from December
      2009 to December 2015.                                                                                                                                                             
|                                                   |  |                                            |  |                                       |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|John H. Wright(2)(3)                               |  | Director                                   |  | Director since January 1,
      2017  |  | Member of
      Business Development of Capstone Mining Corp. since December 2006; and
      Director of several publicly listed mineral exploration companies.                                                                                                                                                                                                                                                                                                                                                                

33

---

|                                                 |  |                                            |  | Date of                                               |  |                                                                                                                                                                                                                                                                                                                                                                                                                         
|------------------------------------------------ |  | ------------------------------------------ |  | ----------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name, Province and                               |  |                                            |  | Appointment as                                        |  | Principal Occupation Within                                                                                                                                                                                                                                                                                                                                                                                             
|Country of
      Residence                       |  | Office                                     |  | Director                                              |  | the Five Preceding Years                                                                                                                                                                                                                                                                                                                                                                                                
|Christopher Ritchie Ontario, Canada              |  | President                                  |  | N/A                                                   |  | President of the Company since
      January 1, 2018; Director at National Bank of Canada from 2014 to 2017;
      and Equity Sales at Canaccord Financial from 2007 to 2014.                                                                                                                                                                                                                                           
|                                                 |  |                                            |  |                                                       |  |                                                                                                                                                                                                                                                                                                                                                                                                                         
|Pierre Beaudoin Ontario, Canada                  |  | Chief Operating Officer                    |  | Director from May 31, 2018 to
      December 10, 2018 |  | Chief Operating Officer of the
      Company since November, 2018; and Chief Operating Officer of Detour Gold
      Corporation from March 2013 to July 2017.                                                                                                                                                                                                                                                           
|                                                 |  |                                            |  |                                                       |  |                                                                                                                                                                                                                                                                                                                                                                                                                         
|Anne Yong British Columbia, Canada               |  | Chief Financial Officer                    |  | N/A                                                   |  | Chief Financial Officer of the
      Company since January 2017; Corporate Controller of the Company from
      October 2015 to December 2016; Corporate Compliance and Disclosure Officer
      of SilverCrest Mines from September 2014 to October 2015; and Manager of
      the Public Company Assurance Group at a local mid-sized Chartered
      Professional Accountant firm from September 2007 to August 2014.
|                                                 |  |                                            |  |                                                       |  |                                                                                                                                                                                                                                                                                                                                                                                                                         
|Nicholas Campbell British Columbia,
      Canada |  | Vice President, Business
      Development |  | N/A                                                   |  | Vice President, Business
      Development of the Company since October 2016; Chief Financial Officer of
      Goldsource since January 2016; and President of Campbell Advisory Services
      Inc. since June 2014.                                                                                                                                                                                                   
|                                                 |  |                                            |  |                                                       |  |                                                                                                                                                                                                                                                                                                                                                                                                                         
|Bernard Poznanski British Columbia,
      Canada |  | Corporate Secretary                        |  | N/A                                                   |  | Partner of Koffman Kalef LLP, a
      law firm (since 1993).                                                                                                                                                                                                                                                                                                                                                            

|(1) | Member of the Audit Committee.                                    
|--- | ------------------------------------------------------------------
|(2) | Member of the Compensation Committee.                             
|(3) | Member of the Corporate Governance and Nominating
      Committee.

|    | As at the date hereof, the directors and executive
      officers of the Company as a group beneficially owned, or controlled or
      directed, directly or indirectly, approximately 6,990,374 common shares or
      8% of the then issued and outstanding common shares of the
  Company.                                                           
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                         
|9.2 | Cease Trade Orders, Bankruptcies, Penalties or
      Sanctions                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                         
|    | Other than as disclosed herein, none of the directors or
      executive officers is, as at the date of this Annual Information Form, or
      has been, within the ten years preceding the date of this Annual
      Information Form, a director, chief executive officer or chief financial
      officer of any company (including the Company)
that

| | (a) | was subject to a cease trade or similar order or an order
      that denied the relevant company access to any exemption under securities
      legislation that was in effect for a period of more than 30 consecutive
      days (collectively, an Order), when such Order was issued while
      the person was acting in the capacity of a director, chief executive
      officer or chief financial officer of the relevant company; or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | (b) | was subject to an Order that was issued after such person
      ceased to be a director, chief executive officer or chief financial
      officer of the relevant company, and which resulted from an event that
      occurred while the person was acting in the capacity of a director, chief
      executive officer or chief financial officer of the relevant
    company.                                                               

Ross O. Glanville, a director of the
Company, was also a director of Clifton Star Resources Inc. (Clifton)
(now First Mining Finance Corp.) when the British Columbia Securities Commission
(BCSC) issued a cease trade order on July 22, 2011, in connection with
Cliftons failure to file technical reports and material change reports in the
required forms in respect of disclosure of Cliftons mineral resource estimates
on its material properties. After changes in Cliftons management and three of
the members of the Board of Directors (as well as the appointment of Mr.
Glanville as Chairman of Clifton), and the filing of the relevant documents, the
BCSC revoked the cease trade order on March 5, 2012, and the TSX-V reinstated
the trading of Cliftons stock on March 9, 2012. In connection with a plan of
arrangement transaction among Clifton and First Mining Finance Corp. completed
in April 2015, Clifton ceased to be listed on any stock exchange or be a
reporting issuer in any jurisdiction.

34

---

Mr. Glanville was also a director of
Starfield Resources Inc. (Starfield), a company which filed a notice of
intention to make a proposal (Notice of Intention) pursuant to the
provisions of Part III of the Bankruptcy and Insolvency Act(Canada).
Pursuant to the Notice of Intention, PricewaterhouseCoopers (PWC) was
appointed as the trustee (Proposal Trustee) in Starfields proposal
proceedings. Pursuant to an order of the Ontario Superior Court of Justice
(Commercial List), the time for the Company to file a proposal expired at the
end of the day on June 28, 2013.

Starfield completed a sale of
substantially all of its assets related to its Ferguson Lake project in early
June 2013. In consultation with the Proposal Trustee, Starfield determined that
it would not be able to put forward a viable proposal and would not be filing a
proposal by the deadline. As a result, Starfield is deemed to have made an
assignment in bankruptcy at the end of the day on June 28, 2013, and PWC will be
the trustee in bankruptcy of the Company.

Starfield also announced that all the
directors of the Company and its subsidiaries have resigned effective as at the
close of business on June 28, 2013.

N. Eric Fier and Graham C. Thody were
directors and/or executive officers of SilverCrest Mines in December 2010 when
SilverCrest Mines received notification of administrative proceedings from the
United States Securities and Exchange Commission (SEC). This
notification was issued as a result of a registration statement filed in 1999 by
Strathclair Ventures Ltd. (Strathclair), a predecessor company to
SilverCrest Mines which was under different management until SilverCrest Mines
assumed control in 2003. The order alleged that Strathclair (subsequently
SilverCrest Mines) had not filed periodic reports with the SEC sufficient to
maintain its registration in the United States. Following discussions with the
SEC and in order to remedy the situation, SilverCrest Mines entered into a
consent order with the SEC dated January 10, 2011 through which SilverCrest
Mines agreed to the revocation of the registration of its common shares under
the United States Securities Exchange Act of 1934. As a result, broker-dealers
in the United States were unable to effect transactions in the common shares of
SilverCrest Mines. On May 31, 2011, SilverCrest Mines filed a registration
statement on Form 40-F for the purpose of registering its common shares under
the United States Securities Exchange Act of 1934. Upon the registration
statement taking effect on August 1, 2011, broker-dealers in the United States
were able to effect transactions in common shares of SilverCrest Mines in the
United States. In connection with a plan of arrangement transaction among the
Company, SilverCrest Mines and First Majestic completed in October 2015,
SilverCrest Mines ceased to be listed on any stock exchange or be a reporting
issuer in any jurisdiction.

On August 31, 2015, Pierre Beaudoin was
the Chief Operating Officer of Detour Gold Corporation (Detour Gold)
when Detour Gold was advised that the Ontario Provincial Police would be
investigating the circumstances surrounding the death of an employee that
occurred at the Detour Lake mine site on June 3, 2015. On April 21, 2016, Detour
Gold was charged with one count of criminal negligence causing death under the
Criminal Code as a result of the June 2015 fatality. On August 30, 2017, Detour
Gold pleaded guilty to the one count of criminal negligence. A sentencing
hearing was held on August 30 and 31, 2017. Detour Gold was ordered to pay a
fine of $1.4 million plus the 30% victim surcharge provided for under the
Criminal Code. In addition, the court, as requested by Detour Gold, ordered a
restitution payment for the family of the deceased worker for lost income
through to retirement which was considered when determining the fine amount.

On May 13, 2014, Pierre Beaudoin was
the Chief Operating Officer of Detour Gold when a proposed securities class
action claiming, among other things, special and general damages in the amount
of $80 million, was commenced against Detour Gold and its former President and
Chief Executive Officer in relation to Detour Gold's secondary market public
disclosure concerning the Detour Lake Mine operations between April 9, 2013 and
November 7, 2013 (the Class Action Claim). On July 10, 2014, the
plaintiff issued an Amended Statement of Claim incorporating allegations in
respect of Detour Golds primary market disclosure, specifically in respect of
Detour Golds final short form prospectus dated June 2, 2013. On November 29,
2016, the parties agreed to settle the Class Action Claim for $6 million and
dismiss the action without any admission of liability subject to court approval
which was subsequently obtained on June 27, 2017.

35

---

Other than as disclosed herein, no
director or executive officer of the Company or any shareholder holding a
sufficient number of Common Shares to affect materially the control of the
Company:

| | (a) | is, as at the date of this Annual Information Form, or
      has been, within the ten years preceding the date of this Annual
      Information Form, a director or executive officer of any company
      (including the Company) that, while that person was acting in that
      capacity, or within a year of that person ceasing to act in that capacity,
      became bankrupt, made a proposal under any legislation relating to
      bankruptcy or insolvency or was subject to or instituted any proceedings,
      arrangement or compromise with creditors or had a receiver, receiver
      manager or trustee appointed to hold its assets;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (b) | has, within the ten years preceding the date of this
      Annual Information Form, become bankrupt, made a proposal under any
      legislation relating to bankruptcy or insolvency, or become subject to or
      instituted any proceedings, arrangement or compromise with creditors, or
      had a receiver, receiver manager or trustee appointed to hold the assets
      of that person;                                                                                                                                                                                                                                                       
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (c) | has been subject to any penalties or sanctions imposed by
      a court relating to securities legislation or by a securities regulatory
      authority or has entered into a settlement agreement with a securities
      regulatory authority; or                                                                                                                                                                                                                                                                                                                                                                                                     
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (d) | has been subject to any other penalties or sanctions
      imposed by a court or regulatory body that would likely be considered
      important to a reasonable investor in making an investment decision
      regarding the Company.                                                                                                                                                                                                                                                                                                                                                                                                                  

|9.3 | Conflicts of Interest                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | There are potential conflicts of interest to which the
      directors and officers of the Company will be subject in connection with
      the business of the Company. In particular, certain of the proposed
      directors and/or officers of the Company serve as directors and/or
      officers of other companies that are similarly engaged in the business of
      acquiring, developing and exploiting natural resource properties and whose
      business may, from time to time, be in direct or indirect competition with
      the Company. Such associations may give rise to conflicts of interest from
      time to time. The directors of the Company are required by law to act
      honestly and in good faith with a view to the best interests of the
      Company and to disclose any interest, which they may have in any project
      opportunity of the Company. Conflicts, if any, will be subject to and
      governed by laws applicable to directors and officers conflicts of
      interest, including the procedures and remedies available under the BCBCA.
      The BCBCA provides that, in the event that a director has an interest in a
      contract or proposed contract or agreement, the director shall disclose
      his interest in such contract or agreement and shall refrain from voting
      on any matter in respect of such contract or agreement unless otherwise
      provided by the BCBCA. The Company is not aware of any existing or
      potential material conflicts of interest between the Company and any
      current or proposed director or officer of the Company.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|10. | AUDIT COMMITTEE DISCLOSURE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | Pursuant to the Business Corporations Act (British
      Columbia) and the Canadian Securities Administrators National Instrument
      52-110  Audit Committees (NI 52-110), the Company is required to
      have an audit committee.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | Audit Committee Charter                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | Pursuant to NI 52-110, the Companys audit committee is
      required to have a charter. A copy of the Companys Audit Committee
      Charter is set out in Appendix A to this Information Circular.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | Composition of the Audit Committee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    | As at the date of this Information Circular, the
      following is information on the members of the Companys Audit
      Committee:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

| | Name                    |  | Independent |  | Financial Literacy
| | ----------------------- |  | ----------- |  | ------------------
| | Graham C. Thody (Chair) |  | Yes         |  | Yes               
| | Ross O. Glanville       |  | Yes         |  | Yes               
| | Hannes Portmann         |  | Yes         |  | Yes               

36

---

Relevant Education and Experience

The following describes the relevant
education and experience of the members of the Audit Committee:

Graham C. Thody  Mr. Thody is a member
of the British Columbia Institute of Chartered Professional Accountants as well
as the Canadian Institute of Chartered Professional Accountants. Mr. Thody has
served as a Director and Executive Member of the Lions Gate Hospital Foundation,
as well as the Chair of its Finance Committee. He holds a Bachelor of Commerce
degree (Marketing) from the University of British Columbia. He was a Partner of
Nemeth Thody Anderson, an accounting firm located in Vancouver, British
Columbia, from 1979 until his retirement in 2007. His practice focus included
audits of reporting companies, corporate finance (including initial public
offerings), corporate mergers and acquisitions as well as domestic and
international tax matters. He was President and CEO of UEX Corporation
(UEX) from November 2009 until his retirement in January 2014. He is
currently a director of two other reporting companies, including UEX where he is
currently Chairman, which are involved in mineral exploration and development
throughout North and South America.

Ross O. Glanville  Mr. Glanville has
over forty years of resource-related experience in numerous countries, and has
been involved in the exploration, financing, development, and operation of a
number of mines. Mr. Glanville obtained a Bachelor of Applied Science in
Engineering (Mining) in 1970, became a member of the Professional Engineers
Association of British Columbia in 1972, obtained a Masters Degree in Business
Administration in 1974, and became a member of the Certified General Accountants
Association of B.C. in 1980. He has specialized in valuations, fairness
opinions, and litigation support, often as expert witness, related to the mining
and exploration industry. He has prepared hundreds of valuations and fairness
opinions for mining and exploration companies in North America, Africa,
Australia, South America, Asia, and Europe. Mr. Glanville has formed public
companies, listed on the TSX, the Australian Stock Exchange, NASDAQ, and the
TSX-V, and has served on the Boards of Directors of five companies with
producing mines.

Hannes P. Portmann  Mr. Portmann is a
Chartered Professional Accountant and holds a Bachelor of Science in Mining
Engineering from Queens University and a Masters of Management and Professional
Accounting from the Rotman School of Management, University of Toronto. He spent
10 years with New Gold Inc. (and predecessor companies) where he moved into
progressively more senior roles, ultimately serving as President and Chief
Executive Officer of the intermediate gold producer from January 2017 through
May 2018. Previously, as Executive Vice President, Business Development, Mr.
Portmanns primary areas of responsibility were: corporate development, investor
relations, human resources and exploration. Prior to New Gold, he was a member
of the Merrill Lynch investment banking mining group and the assurance and
advisory practices of PricewaterhouseCoopers LLP.

Reliance on Certain Exemptions

At no time since January 1, 2018, has
the Company relied on the exemption in section 2.4 of NI 52-110 (De Minimis
Non-audit Services), subsection 6.1.1(4) of NI 52-110 (Circumstance Affecting
the Business or Operations of the Venture Issuer), subsection 6.1.1(5) of NI
52-110 (Events Outside Control of Member), subsection 6.1.1(6) of NI 52-110
(Death, Incapacity or Resignation),or an exemption from NI 52-110, in whole or
in part, granted under Part 8 (Exemption) of NI 52-110 by a securities
regulatory authority or regulator.

Audit Committee Oversight

At no time since January 1, 2018, was a
recommendation of the Audit Committee to nominate or compensate an external
auditor not adopted by the Companys Board of Directors.

Pre-approval Policies and Procedures
for Non-Audit Services

The Audit Committee has specifically
pre-approved the auditor's review of the Company's corporate tax returns and
other non-audit services for fees of up to $15,000 for the next fiscal year.

External Auditor Service Fees (By
Category)

37

---

The aggregate fees billed by the
Companys external auditor in each of the last two financial years of the
Company for services in each of the categories indicated are as follows:

Financial Year Ended
    Audit Fees
    Audit Related Fees(1)
    Tax Fees(2)
    All Other Fees(3)December 31, 2018
    $32,130
    $9,690
    Nil
    $15,810December 31, 2017
    $28,050
    Nil
    $3,650
    Nil


| | (1) | Pertains to assurance and related services that are
      reasonably related to the performance of the audit or review of the
      Companys financial statements and that are not reported under Audit
      Fees.                                                                                                                                                                                                                       
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (2) | Pertains to professional services for tax compliance, tax
      advice, and tax planning. The nature of the services comprising the fees
      disclosed under this category relates to the preparation of the T2
      Corporate Tax Returns of the Company and its Canadian subsidiary, NorCrest
      Metals Inc., together with related schedules.                                                                                       
| | (3) | Pertains to products and services other than services
      reported under the other categories. During the financial year ended
      December 31, 2018, the nature of the services comprising the fees
      disclosed under this category include reviews of the Companys short form
      prospectus dated May 10, 2018, annual information form dated April 23,
      2018 as amended May 9, 2018 and Form 40-F dated August 9,
  2018.

|11.  | LEGAL PROCEEDINGS AND REGULATORY
    ACTIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|11.1 | Legal Proceedings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     | In late March 2017, the Companys Mexico subsidiary,
      Minera La Llamarada S.A. de C.V. (Llamarada), filed a lawsuit in
      Mexico against Impulsora Minera Santacruz Silver, S.A. de C.V.
      (IMSS), a subsidiary of Santacruz Silver Mining Ltd. The suit
      demands that IMSS honour an agreement between the two Mexican subsidiaries
      whereby IMSS agreed to sell the El Gachi mining concessions located in
      Sonora, Mexico to Llamarada. Court proceedings are in progress.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     | There are no other legal proceedings in the Companys
      last financial year which are and to which the Company is a party or to
      which any of its property is subject, and there are no such proceedings
      known to the Company to be contemplated.                                                                                                                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|11.2 | Regulatory Actions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     | During the Companys last financial
  year:                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

| | (a) | no penalties or sanctions were imposed against the
      Company by a court relating to securities legislation or by a securities
      regulatory authority;                                                                                        
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                      
| | (b) | no other penalties or sanctions were imposed by a court
      or regulatory body against the Company that would likely be considered
      important to a reasonable investor in making an investment decision in the
      Companys securities; and
| |     |                                                                                                                                                                                                                                                      
| | (c) | no settlement agreements of the Company were entered into
      with any court relating to securities legislation or with any securities
      regulatory authority.                                                                                 

|12.  | INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL
      TRANSACTIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|12.1 | Interest of Management and Others in Material
      Transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | Except as otherwise disclosed herein, (see item 3.2 
      2018  Financings  Private Placement with Christopher Ritchie) no
      director or executive officer of the Company and no person or company that
      beneficially owns, or controls or directs, directly or indirectly, more
      than 10% of the outstanding Common Shares of the Company, and no associate
      or affiliate of any of the person or companies referred to above, has any
      material interest, direct or indirect, in any transactions since the
      Companys incorporation on June 23, 2015, that has materially affected or
      is reasonably expected to materially affect the Company or any of its
      subsidiaries.

38

---

|13.  | TRANSFER AGENT AND REGISTRARS                                                                                                                                                                                                                                                                                                                                                     
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                   
|13.1 | Transfer Agent and Registrars                                                                                                                                                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                   
|     | Computershare Investor Services Inc. (at its principal
      transfer offices in Vancouver, British Columbia) is the transfer agent and
      registrar for the Common Shares of the Company.                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                   
|14.  | MATERIAL CONTRACTS                                                                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                   
|14.1 | Material Contracts                                                                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                   
|     | Other than the following contracts, available on SEDAR
      (www.sedar.com), there are no contracts that are material to the Company
      that were entered into within the last financial year of the Company or
      before the last financial year but is still in effect (other than
      contracts entered into in the ordinary course of business of the
      Company):

| | (a) | Underwriting Agreement dated May 2, 2018 between
      SilverCrest Metals and PI Financial Corp., Cormark Securities Inc., Beacon
      Securities Limited, Eight Capital, National Bank Financial Inc., BMO
      Nesbitt Burns Inc., Desjardins Securities Inc. and Canaccord Genuity Corp.
      in respect of the May 2018 prospectus offering. See General Development
      of the Business  Three Year History.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (b) | Share purchase agreement between SilverCrest Metals and
      SSR Mining Inc. dated November 29, 2018 whereby SSR Mining acquired
      8,220,645 Common Shares at a price of $3.73 per share for gross proceeds
      to SilverCrest Metals of $30,663,006.                                                                                                                                                             

|15.  | INTERESTS OF EXPERTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|15.1 | Names of Experts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     | Davidson & Company LLP is the external auditor of the
      Company, and such firm has prepared an auditors report dated March 11,
      2019, with respect to the Companys consolidated financial statements as
      at and for the financial year ended December 31, 2018, which were filed
      with the Canadian securities regulators on SEDAR (www.sedar.com). Davidson & Company LLP are
      independent within the meaning of the Code of Professional Conduct of the
      Institute of Chartered Professional Accountants of British
  Columbia.                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     | N. Eric Fier, CPG, P.Eng, Chief Executive Officer of the
      Company. is the author of the Updated Las Chispas Report entitled
      Technical Report and Updated Mineral Resource Estimate for the Las
      Chispas Property, Sonora, Mexico effective September 13, 2018 and dated
      November 19, 2018, and filed on SEDAR at www.sedar.com.                                                                                                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     | P. James F. Barr, P.Geo of Tetra Tech Canada Inc. is the
      author of the Las Chispas Report entitled Technical Report and Mineral
      Resource Estimate for the Las Chispas Property, Sonora, Mexico effective
      February 12, 2018 and amended dated May 9, 2018, and filed on SEDAR at
      www.sedar.com.                                                                                                                                                                                                                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|15.2 | Interests of Experts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     | To the best of the Companys knowledge, no registered or
      beneficial interest, direct or indirect, in any securities or other
      property of the Company was held by each expert named under Names of
      Experts when the particular experts report was prepared, was received by
      such expert after the preparation of the report, or will be received by
      such expert.                                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|16.  | ADDITIONAL INFORMATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     | Additional information relating to the Company may be
      found on SEDAR at www.sedar.com.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     | Additional information in respect of 2018, including
      directors and officers remuneration and indebtedness, principal holders
      of the Companys securities and securities authorized for issuance under
      equity compensation plans, will be contained in the Companys information
      circular for the Companys annual general meeting of shareholders
      anticipated to be held on May 30, 2019. Such information for 2017 is
      contained in the Companys information circular dated April 13, 2018 for
      the Companys last annual general meeting of shareholders held on May 31,
      2018.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     | Additional information is provided in the Companys
      audited consolidated financial statements and managements discussion and
      analysis for the financial year ended December 31,
2018.                                                                                                                                                                                                                                                                                                                                                                                                                               

39

---

APPENDIX ASILVERCREST METALS INC. (the
Company)

Audit Committee Charter

Mandate

The primary function of the audit committee (the Committee)
is to assist the Board of Directors (Board) in fulfilling its financial
oversight responsibilities by reviewing the financial reports and other
financial information provided by the Company to regulatory authorities and
shareholders, the Companys systems of internal controls regarding finance and
accounting and the Companys auditing, accounting and financial reporting
processes. The Committees primary duties and responsibilities are to:

|• | serve as an independent and objective party to
      oversee the Companys accounting and financial reporting processes and
      internal control system;
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|• | review the Companys financial statements;                                                                                                                
|• | oversee, review and appraise the performance of
      the Companys external auditor; and                                                                 
|• | provide an open avenue of communication among
      the Companys auditor, financial and senior management and the Board.                                 

Composition

The Committee shall be comprised of at least three directors as
determined by the Board, all of whom shall be independent directors (as
defined in National Instrument 52-110  Audit Committees, or any
successor instrument thereto, Rule 10A-3 of the United States Securities
Exchange Act of 1934, as amended, and Section 803A and 803B(2) of the NYSE
American LLC Company Guide).

Each member of the Committee shall satisfy the financial
literacy and experience requirements of applicable securities laws, rules and
any applicable stock exchange requirements as determined by the Board, except as
permitted by applicable securities regulatory guidelines. Each member of the
Committee shall be able to read and understand fundamental financial statements,
including the Companys balance sheet, income statement and cash flow statement.
At least one member of the Committee must be financially sophisticated within
the meaning of Rule 803B of the NYSE American LLC Company Guide and must be an
audit committee financial expert as defined in Item 407(d)(5)(ii) and (iii) of
Regulation S-K.

The determination as to whether a particular director satisfies
the requirements for membership on the Committee shall be made by the full
Board.

A quorum of the Committee shall be a majority of the members.
Each member of the Committee will be a member of the Board. In the event of an
equality of votes, the Chair of the Committee shall not have a second casting
vote.

The members of the Committee shall be elected by the Board at
its first meeting following the annual shareholders meeting and shall serve
until the next annual shareholders meeting or until earlier resignation or
death. The Board may remove any member from the Committee at any time with or
without cause. Unless a Chair is elected by the Board, the members of the
Committee may designate a Chair by a majority vote of the full Committee
membership.

Meetings

The Committee shall meet at least quarterly, or more frequently
as circumstances dictate or as may be prescribed by securities regulatory
requirements. As part of its job to foster open communication, the Committee
will meet at least quarterly with the Chief Financial Officer and the external
auditor in separate sessions. The Committee shall hold in camerasessions, without management present, at every meeting.

Responsibilities and Duties

To fulfill its responsibilities and duties, the Committee
shall:

40

---

|1. | Documents/Reports
|-- | -----------------

| | (a) | review and update, if applicable or necessary, this Audit
      Committee Charter annually;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (b) | review with management and the independent auditor the
      Companys annual and interim financial statements, managements discussion
      and analysis, any annual and interim earnings press releases and any
      reports or other financial information to be submitted to any governmental
      and/or regulatory body, or the public, including any certification,
      report, opinion, or review rendered by the external auditor for the
      purpose of recommending their approval to the Board prior to their filing,
      issue or publication. The Chair of the Committee may represent the entire
      Committee for purposes of this review in circumstances where time does not
      allow the full Committee to be available;
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (c) | review analyses prepared by management and/or the
      external auditor setting forth significant financial reporting issues and
      judgements made in connection with the preparation of the financial
      statements, including analyses of the effects of alternative GAAP or IFRS
      methods on the financial statements;                                                                                                                                                                                                                                                                                                                                                                                                                   
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (d) | review the effect of regulatory and accounting
      initiatives, as well as off balance sheet structures, on the financial
      statements of the Company;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (e) | review policies and procedures with respect to directors
      and officers expense accounts and management perquisites and benefits,
      including their use of corporate assets and expenditures related to
      executive travel and entertainment, and review the results of the
      procedures performed in these areas by the external auditor, based on the
      terms of reference agreed upon by the external auditor and the
      Committee;                                                                                                                                                                                                                                                                                          
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (f) | review expenses of the Board Chair, President, Chief
      Executive Officer and Chief Financial Officer annually; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (g) | ensure that adequate procedures are in place for the
      review of the Companys public disclosure of financial information
      extracted or derived from the Companys financial statements, as well as
      review any financial information and earnings guidance provided to
      analysts and rating agencies, and periodically assess the adequacy of
      those procedures.                                                                                                                                                                                                                                                                                                                                                                

|2. | External Auditor
|-- | ----------------

External auditor as used here shall mean any registered
public accounting firm engaged for the purpose of preparing or issuing an audit
report or performing other audit, review or attest services for the Company.
Each such external auditor shall report directly to the Committee. With respect
to the external auditor, the Committee shall:

| | (a) | review annually, the performance of the external auditor
      who shall be ultimately accountable to the Board and the Committee as
      representatives of the shareholders of the Company;                                         
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                        
| | (b) | obtain annually, a formal written statement of external
      auditor setting forth all relationships between the external auditor and
      the Company consistent with The Public Company Accounting Oversight Board
      Rule 3526;
| |     |                                                                                                                                                                                                                                        
| | (c) | review and discuss with the external auditor any
      disclosed relationships or services that may have an impact on the
      objectivity and independence of the external auditor;                                                  
| |     |                                                                                                                                                                                                                                        
| | (d) | take appropriate action to oversee the independence of
      the external auditor, including the resolution of disagreements between
      management and the external auditor regarding financial
  reporting;                        
| |     |                                                                                                                                                                                                                                        
| | (e) | appoint, retain and replace the external auditor to be
      nominated annually for shareholder approval;                                                                                                                              
| |     |                                                                                                                                                                                                                                        
| | (f) | determine the compensation to be paid to the external
      auditor;                                                                                                                                                                   

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| | (g) | oversee the work of the external auditor, including the
      resolution of disagreements between management and the external auditor
      regarding financial reporting;                                                                                                                                                                                                                                                                                                                                                                                                               
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (h) | at each meeting, where desired, consult with the external
      auditor, without the presence of management, about the quality of the
      Companys accounting principles, internal controls and the completeness
      and accuracy of the Companys financial statements;                                                                                                                                                                                                                                                                                                            
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (i) | review and approve the Companys hiring policies
      regarding partners, employees and former partners and employees of the
      present and former external auditor of the Company;                                                                                                                                                                                                                                                                                                                                                                                                  
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (j) | review with the external auditor the audit plan for the
      year-end financial statements; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | (k) | deal directly with the external auditor and pre-approve
      all audit and audit-related services and the fees and other compensation
      related thereto, and any non-audit services, provided by the Companys
      external auditor. The authority to pre-approve non-audit services may be
      delegated by the Committee to one or more independent members of the
      Committee, provided that such pre-approval must be presented to the
      Committees first scheduled meeting following such pre- approval.
      Pre-approval of non-audit services is satisfied
if:

| | (i)   | the aggregate amount of all the non-audit services that
      were not pre-approved is reasonably expected to constitute no more than 5%
      of the total amount of fees paid by the Company and subsidiaries to the
      Companys external auditor during the fiscal year in which the services
      are provided;
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                                                                                         
| | (ii)  | the Company or a subsidiary did not recognize the
      services as non-audit services at the time of the engagement;
and                                                                                                                                                                                               
| |       |                                                                                                                                                                                                                                                                                                                         
| | (iii) | the services are promptly brought to the attention of the
      Committee and approved, prior to completion of the audit, by the Committee
      or by one or more of its members to whom authority to grant such approvals
      has been delegated by the Committee.                                                  

|3. | Financial Reporting Processes
|-- | -----------------------------

| | (a) | in consultation with the external auditor, review with
      management the integrity of the Companys financial reporting process,
      both internal and external;                                                                                                               
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                     
| | (b) | consider the external auditors judgments about the
      quality and appropriateness of the Companys accounting principles as
      applied in its financial reporting;                                                                                                           
| |     |                                                                                                                                                                                                                                                                                     
| | (c) | consider and approve, if appropriate, changes to the
      Companys auditing and accounting principles and practices as suggested by
      the external auditor and management;                                                                                                    
| |     |                                                                                                                                                                                                                                                                                     
| | (d) | review significant judgments made by management in the
      preparation of the financial statements and the view of the external
      auditor as to appropriateness of such judgments;                                                                                            
| |     |                                                                                                                                                                                                                                                                                     
| | (e) | following completion of the annual audit, review
      separately with management and the external auditor any significant
      difficulties encountered during the course of the audit, including any
      restrictions on the scope of work or access to required
  information;
| |     |                                                                                                                                                                                                                                                                                     
| | (f) | review any significant disagreement among management and
      the external auditor in connection with the preparation of the financial
      statements;                                                                                                                           
| |     |                                                                                                                                                                                                                                                                                     
| | (g) | review with the external auditor and management the
      extent to which changes and improvements in financial or accounting
      practices have been implemented;                                                                                                                
| |     |                                                                                                                                                                                                                                                                                     
| | (h) | review any complaints or concerns about any questionable
  accounting, internal accounting controls or auditing matters;                                                                                                                                                            

42

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| | (i) | review certification process;                                                                                                                                                                                                                                                        
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                      
| | (j) | establish a procedure for the receipt, retention and
      treatment of complaints received by the Company regarding accounting,
      internal accounting controls or auditing matters;                                                                                             
| |     |                                                                                                                                                                                                                                                                                      
| | (k) | establish a procedure for the confidential, anonymous
      submission by employees of the Company of concerns regarding questionable
      accounting or auditing matters; and                                                                                                      
| |     |                                                                                                                                                                                                                                                                                      
| | (l) | carry out a review designed to ensure that effective
      whistle blowing procedure exists to permit stakeholders to express any
      concerns regarding accounting, internal controls, auditing matters or
      financial matters to an appropriately independent
  individual.

|4. | Other
|-- | -----
|   |      
|   | (a)  
|   |      
|   | (b)  
|   |      
|   | (c)  
|   |      
|   | (d)  
|   |      
|   | (e)  

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